Economics for Kids: Needs and Wants

Here's how to talk to your child about it

Needs are things you must have to live, like food and water. Wants are things you'd like to have, like toys. Needs are essential, wants are extra.
Some activities you can do with your child now

- Discuss with your child the difference between needs and wants using examples from the video, such as food, water, toys, and games. - Engage in a role-playing activity where your child pretends to shop for groceries, distinguishing between items that are needs and wants. - Create a collage together with pictures of different items, categorizing them into needs and wants like shelter as a need and candy as a want. - Ask your child to identify needs and wants in their daily life, such as pointing out that food is a need for survival while a computer is a want for entertainment.
Pretend play with your child

GAME NAME: "Needs vs. Wants Quest" INSTRUCTIONS: Have your child list items around the house as needs or wants. Discuss why certain items are essential (needs) and others are nice to have (wants). Encourage your child to think critically about what is necessary for survival and what adds fun or convenience to life.
1 take away from the video for your child

"Learning the difference between needs and wants helps us appreciate what's essential for survival and what's nice to have but not necessary."

Tips for Parents