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Needs Wants Economics Basics

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Needs Wants Economics Basics

Jarrah, Sienna and Arjun are helping their community run a recycling drive. They need to make choices with limited money and supplies. Read each question carefully. A need is something important for health and safety; a want is something nice to have. Needs and wants can depend on a person’s situation.

Needs, wants and choices

Think about what people need, what they would like, and why choices matter.

1.At the recycling drive, the team can spend $10. They need drinking water costing $4 and would like a colourful banner costing $7. What is the best choice if they must buy water first?

Buy the water; there is not enough money for both.
Buy the banner and forget the water.
Buy both because $4 plus $7 is less than $10.
Buy neither item.

2.Sort these items by writing each one under Need or Want: safe drinking water, a toy robot, a place to shelter from rain, a packet of lollies.

3.The team has 12 pairs of gloves, but 18 volunteers need them for sorting. What does this show?

Scarcity: there are not enough gloves for everyone who needs them.
A surplus: there are extra gloves left over.
A want: gloves are never useful.
Interdependence: the gloves sort themselves.

4.Suggest one fair way the volunteers could manage the shortage of gloves. Explain why your idea is fair.

People and work in the community

A producer makes a good or provides a service. A consumer uses or buys a good or service.

5.Match each recycling-drive helper or visitor to the role that best fits. A producer makes a good or provides a service; a consumer uses or buys one.

A volunteer who repairs a broken recycling trolley
A family buying a reusable drink bottle
A worker who collects sorted recycling
A child using the public drinking fountain

Consumer
Consumer
Producer
Producer

6.Which option is a service rather than a good?

A new pair of gloves
A bottle of water
A worker collecting sorted cans
A cardboard box

7.Complete the idea: A good is a people can use, while a service is work someone for others.

8.The recycling team sorts bottles, and a collection worker takes them to a recycling centre. How do these people depend on each other?

Make a plan

Use the scenario to think about spending, saving and helping the community.

9.The team has $8 left. They can buy a useful bin label for $3, a snack box for $5, or a bright decoration for $6. They cannot buy everything. Choose one or two items that cost $8 or less, and explain what the team gives up by choosing them.

10.True or false: If the recycling drive has a limited amount of money, the team may need to choose which items are most important.

TrueFalse

11.Imagine you are helping at this recycling drive. Name one good or service the community needs for the drive, and name a producer who could provide it.