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Summary: Concept: Economic wants Definition: Economic wants are desires that can be satisfied by consuming a good, service, or leisure activity. Comprehension Questions: Name some of the goods at the food store. (The goods include apples, plums, pears, peanuts, pet food, candies, cat litter, sausages, books, toys, paper towels, etc.) What goods did the little girl want? (She wanted the red plums, candies, yellow duck, red pail, ice cream, cake, doll, etc.) Did she get what she wanted? (No.) Why? (Her mother would not buy the goods for her. The mother knew she had a scarcity of income. Also, the mother did not think it was good for the little girl to have all the things she wanted.) Have you ever gone to the store with your parents and asked for things that your parents did not want you to buy? Explain. (Answers will vary.) Are our economic wants usually greater than our income? (Yes! Because of this scarcity situation, we have to make choices.) What did the mother buy for the little girl? (She bought a dress.) What was the best part of the trip for the children? (getting an ice-cream cone) Other Concepts: Goods and Services, Scarcity
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