Needs and Wants Worksheets

All About These 15 Worksheets

This series of 15 worksheets on Needs and Wants is designed to help students understand the distinction between these two concepts, as they are often blurred and can impact decision-making and financial management. These worksheets provide them with opportunities to explore their own needs and wants, develop critical thinking skills, and make informed choices about their priorities and resource allocation. By engaging with these worksheets, students can gain a deeper understanding of their own values, needs, and desires, fostering responsible decision-making and financial literacy. Through these worksheets, students will:

• Be able to differentiate between needs and wants;
• Reflect on their own personal needs in various aspects of life;
• Learn to prioritize their needs and recognize their significance for overall well-being;
• Identify their wants and consider their impact on their lives;
• Develop critical thinking skills and apply their understanding of needs and wants to practical decision-making;
• And reflect on their impulsive wants, evaluating whether satisfying those wants aligns with their overall goals and values.

While a layman may not understand the main differences between the needs and wants of a consumer, a marketeer or a consumer manager will be able to point out all the necessary differences and will know the unique significance of either of the terms.

Differences Between Needs and Wants

Although the two terms are sometimes used interchangeably, they can refer to different consumer requirements.

For instance, consumer needs refer to all those items, services, and products that the consumer is directly dependent on for their survival and health. The consumer’s well-being will be affected if these needs are not met.

On the other hand, consumer wants refer to all those items, services, and products that are part of a consumer’s desires and dreams. If these wants are not met, the consumer’s well-being will not be affected.

Examples of Differences Between Needs and Wants

Some examples that will help you develop a better understanding of the differences between needs and wants are as follows:

Water Versus Wine

Water is said to be the key to existence, without which life is not possible. According to medical research, an average person can only survive three days without consuming any water.

Hence, water is not a living being’s unique desire but is instead one of the basic needs that are required for survival.

On the other hand, while drinking wine may improve a consumer’s quality of life, its absence does not threaten the person’s survival.

Hence, water is an extremely necessary consumer need while wine is a want.

Health Medication Versus Beauty Supplements

People who are struggling with diseases and illnesses are dependent on their prescription medication for their well-being and survival.

For instance, a cancer patient absolutely needs their chemotherapy medication in order to fight against their life-threatening disease.

On the other hand, if someone consumes vitamin or beauty supplements to strengthen and improve the quality of their skin and hair, they do this out of a desire to look beautiful.

Hence, health medication is a need, while beauty supplements are a consumer want that the person can live without.

Clothes Versus Designer Outfits

As human beings, one of our most basic needs is to be clothed. However, if someone prefers to wear expensive luxury outfits, it is part of their wants and not their needs.

Basic Food Versus Junk Food

Just like water, living beings also need proper nutrition for survival and to lead a healthy life. Hence, food sources like grains, rice, vegetables, etc., are part of a consumer’s needs.

On the other hand, if a person chooses to survive on junk food such as burgers, pizza, pasta, etc., it is their unique desire and wants.