Understanding the difference between needs and wants is super important, especially when we're learning about money and making choices. Needs are things we must have to survive, while wants are things that would be nice to have, but we can live without.
Needs are essential for survival. Think of them as the non-negotiables! These are the things you absolutely can't live without.
Wants are things that we would like to have, but they aren't essential for survival. These are the extras that make life more fun and exciting, but we can definitely live without them.
| Feature | Needs | Wants |
|---|---|---|
| Definition | Essential for survival. | Not essential for survival. |
| Examples | Food, water, shelter, clothing. | Toys, candy, video games, ice cream. |
| Impact of Not Having | Can lead to sickness or death. | May cause disappointment, but not life-threatening. |
| Priority | High priority; must be fulfilled first. | Low priority; can be postponed or avoided. |
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