Scarcity: Why We Can’t Have It All
6-8
1
Needs vs. Wants: Making Smart Choices with Your Money
Lesson Details
Duration (minutes)
1
Grade Level
6-8
Summary
This quick lesson teaches middle schoolers the difference between needs (essentials like food, water, and shelter) and wants (nice-to-haves like a new phone or video game), then applies that idea to real budgeting: using a $50 example, it shows why needs should always be paid for first, with any leftover money available for wants.
Student Worksheet: Needs vs. Wants
Teacher Note: Students can watch the video lesson above and answer the questions. Click the “Teacher Answer Key” dropdown below when you are ready to review the solutions!
Key Concepts:
• Need: Something you must have to live, like food, water, and shelter.
• Want: Something nice to have, but you could live without it, like a new phone or video game.
• Smart Money Management: Always cover your needs before spending on wants.
Instructions: Read each question carefully and write your answer in the space provided.
- Question 1: What is the difference between a need and a want?
- Question 2: List one example of a need and one example of a want from the video.
- Question 3: If you have $50, and rent and groceries cost $40 total, how much money is left over for wants?
- Question 4: Why should needs always be paid for before wants?
- Question 5: Think of something you want to buy. Is it a need or a want? Explain your answer.
Click to reveal Teacher Answer Key
1. A need is something you must have to live (food, water, shelter). A want is something nice to have but not essential (a new phone or video game).
2. Answers will vary. Example need: groceries. Example want: a video game.
3. $10 (50 – 40 = 10).
4. Needs are essential for survival and daily life, so they must be covered first before spending on things that are optional.
5. Answers will vary; check that the student can explain their reasoning for classifying the item as a need or a want.
Disclaimer: This worksheet was generated with AI assistance based on original video content. It is intended for educational reference only. Teachers are encouraged to review and adjust questions to fit their curriculum standards before classroom use.