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Grade 3
Economics and Work
Economic Systems
9. Needs and Wants
9.1 Basic Economics
Needs, Wants, and Smart Choices: Your Guide to Basic Economics
You will discover the difference between needs and wants, learn about goods and services, and find out how scarcity shapes the choices you make every day.
What You'll Learn
You learn the difference between needs and wants today.
You discover how goods and services work in communities.
You understand scarcity and why smart choices matter always.
You explore budgeting, income, spending, and saving money wisely.
What You'll Practice
1
You will identify needs and wants using real Canadian examples.
2
You will sort goods and services from everyday community life.
3
You will practice making smart choices when money is scarce.
Why This Matters
Understanding needs, wants, and scarcity helps you make smart choices with money and resources throughout your entire life.
This Unit Includes
Practice exercises
Learning resources
Skills
Needs vs Wants
Scarcity
Budgeting
Goods Services
Decision Making
NL Curriculum Aligned