Minds On
Needs and wants
A painter needs new paintbrushes to make paintings, but they also want to get new paint colours just for fun.
Brainstorm answers to these questions:
- What is the difference between needs and wants? Does the painter need the new paints more than they need the paintbrushes?
- Where can the painter save their money before they buy their supplies? (piggy bank, bank account, etc.)
Student Success
Think–Pair–Share
Work with a partner, if possible, to create a list of needs and wants. You can record your ideas using the following fillable and printable document Needs and Wants T-Chart. You can also complete this activity in your notebook or using a method of your choice.
Note to teachers: See your teacher guide for collaboration tools, ideas and suggestions.
Action
Buying for a baker
A baker made a T-Chart of the things they need to buy and things they want to buy.
The baker will use some of the money they have made from selling their cakes to pay for the items on their list. The baker has about $25 saved from the cakes they have sold. The baker’s friend suggests they come up with a plan for how to save.
Which of the following items are needs, and which are wants?
- cookie cutters
- bicycle basket
- flour
- stickers
- sugar
- gel pens
Use the following fillable and printable document Needs and Wants T-Chart to sort the baker’s items. You can also complete this activity in your notebook or using another method of your choice.
Press the ‘Answer’ button to compare your Needs and Wants T-Chart with the baker’s final T-Chart.
Check out this video
Access the following TVOK News video “What is a budget?” This video will help you understand what a budget is.
Make a money plan
The baker now knows which items are needs and which items are wants. They have also recorded the prices of each item in the following chart.
| Money | Amount | Needs | Wants |
|---|---|---|---|
| Allowance | $25 |
Cookie cutters–$5 Flour–$10 Sugar–$8 |
Stickers–$8 Gel pens–$20 Bicycle basket–$15 |
Let’s help the baker make a money plan. Examine the baker’s T-Chart and answer the following questions:
- What items in the T-Chart should the baker buy first with their savings?
- What should the baker do about the other items they cannot afford right now?
Consolidation
Independent practice
Part 1
What does a teacher need in their classroom? What items might a teacher want, but they don’t need?
In this activity, you will make a T-Chart to explore possible items for the needs and wants of a teacher.
Use the following printable and fillable Needs and Wants T-Chart to record the need and wants for a teacher. You can also complete your list in your notebook or using another method of your choice.
Part 2
Use your Needs and Wants T-Chart from part 1 to create a budget on how the teacher will:
- buy the items they need for their classroom
- save for the items they want
Record your ideas in your notebook or another method of your choice.
Reflection
How do you feel about what you have learned in this activity? Which of the next four sentences best matches how you are feeling about your learning? Press the button that is beside this sentence.
I feel...
Now, record your ideas about your feelings using a voice recorder, speech-to-text, or writing tool.