needs vs wants. needs vs. wants need - something necessary or required for life brainstorm...
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Needs vs Wants
Needs vs. WantsNeed - something necessary or required for life
Brainstorm examples of needsFood, water, clothing and shelter
Want - something unnecessary but desired
May increase the quality of living or make a person happier
Brainstorm examples of wantsMP3 player, Play Station, designer clothes
How do values influence wants? If being popular or having all of the newest
gadgets is valued, a person may have a lot of wants
Needs vs. Wants
You Decide! Car
Nike Sneakers
Hot Tub
Computer
Food
i-Pod
Cell Phone
Clothes
o Impulse Buying – When you see something and suddenly you can’t live without it.
Examples:o An article of clothing in the store.o A commercial for fast food that looks too
good to pass up.o An advertisement on the radio as you are
driving near a shopping complexo The smell of food cooking as you walk
past a restaurant
Impulse Buying
Spending Money How do values influence how people
spend money and make financial decisions? If an individual values helping others, he
may decide to give money to a church or other charitable groups
How do needs and wants influence how people spend money and make financial decisions?