Teaching children the most basic concepts of financial literacy helps them to build a strong foundation for a healthy financial future.
Today we are sharing information and activities showing the differences between Goods and Services, and Needs and Wants.
We hope you find these resources helpful!
Goods and Services
Money is spent on either goods or services. Goods are something that you can use or consume, like clothing, jewelry, takeout food or a car. Services are something that another person is paid to do for you, like when you get a haircut or buy a meal at a restaurant. Watch the video and check out the activities below for more practice with goods and services.
Understanding the difference between needs and wants can help you make spending decisions that are best for you. A need is something you must have to survive, such as housing, food and water. A want is something that you would like to have, but can live without, like a new bike or upgraded smartphone. Watch the video and check out the activities below for more practice with needs and wants.