Identify the difference between basic needs and wants.
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Recognize that people work to earn money to buy things they need or want.
Explain that economic wants are desires that can be satisfied by consuming a good, a service, or a leisure activity.
Explain that people make choices about what goods and services they buy because they can’t have everything they want. This requires individuals to prioritize their wants.
Identify some of the ways that people spend a portion of their income on goods and services in order to increase their personal satisfaction or happiness.