K.9 - Economic Needs and Wants

From EngageNY

People have economic needs and wants. Goods and services can satisfy people's wants. Scarcity is the condition of not being able to have all of the goods and services that a person wants or needs.

A need is something that a person must have for health and survival, while a want is something a person would like to have.
  • Students will identify basic needs (food, clothing, and shelter).
  • Students will distinguish between a need and a want.
K.9b Goods are objects that can satisfy people's needs and wants; services are activities that can satisfy people's needs and wants.
  • Students will identify examples of goods and services.
K9.c Scarcity is the condition of not being able to have all of the goods and services that a person wants or needs.
  • Students will identify examples of scarcity.

Supporting Materials


Happy Farm

In Happy Farm, players are to collect wooden pieces of pigs, chickens, and cows into families of two. The players throw a die to move across the board and collect animals; when they reach one of the two farmhouses, they may exchange the animals with each other. The first player to get two cows...


How Our Economy Works

In this engaging video students learn that people work to earn money so that they can satisfy their basic needs and wants and that everything we spend money on is either for goods or services. They learn what a job is and the difference between production workers and service workers. They are...


Saving, Spending & Investing Money

Discover the truth about money, its history and how the use of money through saving, spending, earning and investing is the backbone of our economy. Learn how hard work, budgeting, and good decision-making are the keys to be able to buy the things you need and want. Viewers will see how...


Starting a Business

Got a great idea? So do Chloe, Andy, Mia, and Jamaal. Join them as the go from eating a cookie to starting their own cookie business. Discover how market research and a business plan can help you own and operate a business in your community. See how factors like scarcity and demand,...


The Difference Between Wants and Needs

People earn, save, and spend money to satisfy their needs and wants. Making the right choice between the two is not always easy. In this enchanting movie, two friends wake up and find themselves on a desert island where the "Genie of Wise Choices" lives. While there, the genie helps the children...


U.S. Industries & Resources

Discusses how natural resources in different regions of the United States have started different industries - and how dozens of business have been created within those industries. Examines the free market economy, domestic and international trade, and how people use both to satisfy their wants...


What is Ecomonics?

Explores the basic concepts of economics and viewers will learn about how people play an important role as both consumers and producers. Also discusses wants and needs, goods and services, and scarcity and demand.


Why People Work

In answering the question, "Why do people work," introduces key economic concepts such as wants, needs, money, economy, goods, services, importing, exporting, etc. Provides a contrast between manufacturing and agricultural communities and the representative jobs in each. Explains that Detroit...

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