Examples of Wants: Things We Enjoy But Don't Really Need

📚 Quick Study Guide

• 🍎 Needs: These are essential for survival. Think food, water, shelter, and clothing. Without them, we can't live healthy lives.
• 🎁 Wants: These are things we desire or enjoy but aren't necessary for survival. They make life more comfortable and fun!
• 🍦 Examples of Wants:
  • 🎮 Video games
  • 🎬 Movies
  • 🍫 Candy
  • ✈️ Vacations
  • 💎 Jewelry
• 💸 Opportunity Cost: When we choose to spend money on a want, we give up the opportunity to spend that money on something else, maybe even a need!
• 🌱 Impact of Wants: Wants can drive the economy by creating demand for goods and services, but it's important to balance wants with needs.

Practice Quiz

1. Which of the following is the BEST example of a 'want'?
   1. A) Clean drinking water
   2. B) Nutritious food
   3. C) A brand-new smartphone
   4. D) Warm clothing in winter
2. Going on a tropical vacation is generally considered a:
   1. A) Need
   2. B) Necessity
   3. C) Want
   4. D) Requirement
3. Which scenario BEST illustrates the concept of 'opportunity cost' related to wants?
   1. A) Saving money to buy groceries.
   2. B) Choosing to buy a new video game instead of paying for a doctor's visit.
   3. C) Purchasing a winter coat to stay warm.
   4. D) Drinking water when thirsty.
4. How do 'wants' generally impact the economy?
   1. A) They decrease demand for goods and services.
   2. B) They have no impact on the economy.
   3. C) They drive demand for goods and services.
   4. D) They only affect individual finances.
5. Which of the following is LEAST likely to be considered a 'want'?
   1. A) Designer shoes
   2. B) A large-screen television
   3. C) Basic medical care
   4. D) A subscription to a streaming service
6. Which of these statements accurately describes the relationship between needs and wants?
   1. A) Needs are always more expensive than wants.
   2. B) Wants are essential for survival, while needs are not.
   3. C) Needs are essential for survival, while wants are desired but not essential.
   4. D) Needs and wants are the same thing.
7. Consuming excessive amounts of wants without considering your needs can lead to:
   1. A) Increased financial stability.
   2. B) Better health.
   3. C) Financial difficulties.
   4. D) Improved social relationships.