Summary
This short financial-literacy video explains the difference between needs and wants and introduces opportunity cost — what you give up when you choose one thing over another. A friendly intro to money and decision-making.
Viewer safety
All ages
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Teaching resources
Discussion questions
Discussion
Needs are things we must have; wants are things we'd like to have.
- What is the difference between a need and a want?
- Name two needs and two wants from your own life.
- When you can't buy everything, how do you decide?
- What is an “opportunity cost” — what do you give up when you choose?
Quick work-a-long
Vocabulary: need, want, choice, opportunity cost, scarcity.
Try it: Sort six items into “need” and “want.” Then pick two wants and decide which one you'd choose — and what you'd give up.