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Economic Wants

Economic Wants. Pint Sized Econ Adapted. Economic Wants. Desires that can be satisfied by consuming a good or using a service/activity. People have different economic wants People purchase a variety of goods and services People use different amounts of leisure time. Income.

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Economic Wants

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  1. Economic Wants Pint Sized Econ Adapted

  2. Economic Wants • Desires that can be satisfied by consuming a good or using a service/activity. • People have different economic wants • People purchase a variety of goods and services • People use different amounts of leisure time

  3. Income • Money that people use to purchase economic wants • People with higher levels of income can purchase more goods and services • People with higher levels of income can take more leisure time • All people choose to satisfy some wants and sacrifice other wants

  4. Notes • The desire for more goods, services, or leisure time is not always greedy. • People often want more so: • They can give to others who do not have any or much • Give their children a “better life” than they had • Help their aged parents survive or live comfortably • Make their neighborhoods more beautiful

  5. Needs Vs Wants • Distinction between needs and wants can be subjective (depends on what people think are important). • Discuss what is a need or a want

  6. Name Some Needs and Wants • Goods • Apples, grapes, plums, pears, peanuts, dog food, candy, sausage, books, toys, paper towels • Services • Park entrance fees, amusement park fees, state fair

  7. Activity 1 • Materials • Magazines, Scissors and Poster paper/colored paper • Directions • Using the magazines choose and cut out pictures that represent needs and wants. • Glue the pictures on the paper/board in separate categories labeled “Needs” and “Wants”

  8. Activity 2 • Materials • Post it notes (various colors), markers, wishing well • Directions: • Write “wants” on post it notes and put them on and around the wishing well.

  9. Activity 3 (Friday if Finished) • Using the vans take a tour around the community identify goods and services that people want. • You must be able to identify at least 10 different wants in Granbury.

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