Needs vs Wants.

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Presentation transcript:

Needs vs Wants

Needs vs. Wants Need - something necessary or required for life Brainstorm examples of needs Food, water, clothing and shelter

Needs vs. Wants Want - something unnecessary but desired May increase the quality of living or make a person happier Brainstorm examples of wants MP3 player, Play Station, designer clothes How do values influence wants? If being popular or having all of the newest gadgets is valued, a person may have a lot of wants

You Decide! Car Nike Sneakers Hot Tub Computer Food i-Pod Cell Phone Clothes

Impulse Buying Impulse Buying – When you see something and suddenly you can’t live without it. Examples: An article of clothing in the store. A commercial for fast food that looks too good to pass up. An advertisement on the radio as you are driving near a shopping complex The smell of food cooking as you walk past a restaurant

Spending Money How do values influence how people spend money and make financial decisions? If an individual values helping others, he may decide to give money to a church or other charitable groups How do needs and wants influence how people spend money and make financial decisions?