Introduction

Do you know the difference between a want and a need?

  • What do people need to survive?
  • What do we want to make our lives better?

All goods and services can be classified as either needs the things you need to live. or wants anything that's not needed for survival, but makes our lives more fulfilling. .

How do you determine if something is a want or a need? Is it more objective or subjective? Let's explore it.

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Lesson Objectives

Following successful completion of this lesson, students will be able to...

  • Apply the steps in the decision-making process

Enduring Understandings

  • You are responsible for making wise decisions that will affect you throughout your life.

The above objectives correspond with the Alabama Course of Study: Personal Finance standards: 1