Values, Needs, Wants & Scarcity
What are Values?
Values are things that are important to you
Needs vs. Wants
Need – Needs are a necessity to survive or continue in our lives
Example of Needs:
Food, Water, Clothing, Shelter
Needs vs. Wants
Want – Wants are not necessary and are more focused on desires and
making our lives easier and or better
Examples of Wants:
Gaming Devices, Cars, Designer Clothing, Vacations, etc
Economics – Condition of a region or group as regards to material
prosperity
Finance – The monetary resources, of a government, company,
organization, or individual; revenue
Scarcity - insufficiency or shortness of supply
How much of something would you want if it was free?
Opportunity Costs - the loss of potential gain from other alternatives when one alternative is
chosen
Spending Habits
How do your values influence your wants?
It determines your priorities
How do you spend your money?
I try to spend it with caution about what im getting
Vision, Goals, Opportunity Costs
Vision – the ability to think about or plan for the future
Goal – The objectives and ambitions of a person
Financial Goals – the personal big picture of someone's financial future
Education Goals – objectives or milestones that help guide your academic journey
S.M.A.R.T. - Specific, measurable, attainable, relevant, time management
Short-term – A goal that you can achieve in a short amount of time
Long –term – A goal that you can achieve over a long period of time
Delayed Gratification – the ability to resist reward
Opportunity Costs – The loss of potential gain from alternatives
Sacrifice and Happiness – saying no to something is critical (and being) happy
Scarcity and Choices
Supply and Demand Graph
BY-NC-ND
Supply- the supply is an amount of an item in stock
Demand- the amount of something that the people want
Price- the amount of money someone pays to receive the item
Quantity- the amount or number of a material
Surplus- the amount of something left after the demand goes down
Equilibrium Point- the point when the supply and demand are the same
Shortage- when demand is high but the supply is low
Supply and Demand- when the supply if high the demand is usually low
Resources and Wants: resources are used for our wants
Scarcity: When something is important or a need but isn't available
The “Jones'"
Comparison Shopping: when looking at a product and comparing it to a similar product
Sales- when an item is lower price than normal
Actual Price- the price put up in the store before purchase
Unit- units can be shown as the $ sign