1. Needs vs. Wants
The FACS Track

2. The choices you make as a consumer depend on your priorities

3. Priorities affect many types of decisions
How to spend and save your money
Which products and services to buy
What career path to follow

4. What are your priorities?
In your notes, make a list of 3 priorities you have in life

5. To better understand where your priorities come from, it helps to look at the interrelated concepts of needs, wants, values, and standards.

6. Needs Things you must have in order to live. Examples: Water Food
Shelter
Basic Clothing

7. Wants Thing you desire but that are not necessary to live Examples:
New Computer
Another pair of Nike shoes
The latest fashions
Everyone has similar needs, but wants vary from person to person

8. Values Strongly held beliefs and principals about what is worthwhile.
Most people share a common set of values:
Honesty
Respect
Kindness
Courtesy
Fairness
Values can vary based on culture, religious beliefs, family upbringing, and many other factors.

9. Standards
Established levels of quality or quantity to measure against.
People who share the same values may have very different standards.
For instance, most people value success rather than failure - but what is success?
How do you measure success?

10. Setting Priorities
Needs, wants, values, and standards all enter into the process of establishing priorities.
The priorities of individuals and families change over time as you pass through different stages of your life span - from your teen years to early, middle, and late adulthood.
Changing priorities will affect the decisions you make!

11. Look back at the list of priorities you made…
For each priority you listed, label each as a “Need” or a “Want”.
Next, state how your values fit into your priorities.