Exploring needs and wants

Updated Aug 25, 2022

Students review pictures of items and decide which ones are needs and which are wants.

Big idea

Understanding the difference between needs and wants can help you make spending decisions that are best for you.

Essential questions

What is a need?
What is a want?

Objectives

Distinguish between needs and wants
Consider how understanding the difference between needs and wants can be helpful

What students will do

Sort cards showing different items based on whether they’re needs or wants.
Answer questions about their decisions.

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Teacher guide

cfpb_building_block_activities_exploring-needs-wants_guide.pdf

Note: Please remember to consider your students’ accommodations and special needs to ensure that all students are able to participate in a meaningful way.

Explore related resources

Key information for this activity

Building block

(What are the building blocks?)

Executive function
Financial habits and norms
Financial knowledge and decision-making skills

Topic

Spend (Buying things)

School subject

Social studies or history

Audience

Grade level: Elementary school (K-1), Elementary school (2-3), Elementary school (4-5)

Age range: 5-7, 7-9, 9-11

Student characteristics: English language learners, Special education, Low income

Activity characteristics

Activity type: Small group

Teaching strategy: Cooperative learning

Bloom’s Taxonomy level: Understand, Analyze, Evaluate

Activity duration: 15-20 minutes

National standards

(What are the national standards? )

Standards: II. Spending

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