T.I.P.S.

  • Lightbulb Students must understand and recognize that people have basic needs (food, water, shelter, clothing, etc.) and wants (toys, games, entertainment, treats, etc.). People use the income they earn to buy the things they want and need.

Example

  • Look at each item below and decide if each item is a want or a need. Discuss the items you decided were needs and explain your thinking.
     
     example
     
    Michael saved 10 dollars from the money he earned helping his dad rake leaves. He needs a new supply box for school that cost 4 dollars. If he buys the supply box, how much will he have left to spend on other things he wants?
     

Digital Tools

Resources

TEKS

  • K.9 Personal financial literacy The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security. The student is expected to:
     
    (D) distinguish between wants and needs and identify income as a source to meet one's wants and needs

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