Understanding Needs, Wants, and Budgeting

The video tutorial introduces students to basic economic concepts, focusing on the distinction between goods and services, and the difference between needs and wants. It provides examples of each category, such as clothing and shelter for needs, and toys and cars for wants. The tutorial also covers the concept of services, highlighting examples like food delivery and postal services. Finally, it introduces budgeting, explaining how to manage income and expenses effectively.

What is the primary difference between needs and wants?

• Wants are more important than needs.

• Wants are necessary for daily life.

• Needs are essential for survival, while wants are not.

• Needs are always more expensive than wants.

Which of the following is considered a basic need?

• Jewelry

• Clothing

• Gadgets

• Toys

Why might cars be considered a need in Bangkok but a want in other places?

• Cars are a status symbol in Bangkok.

• Bangkok requires cars for long-distance travel.

• Bangkok has less public transportation.

• Cars are cheaper in Bangkok.

How have gadgets transitioned from being a want to a need in some countries?

• Because they are fashionable.

• Because they are now cheaper.

• Due to their use in online learning.

• As they are used for entertainment.

What is an example of a want that can vary in importance based on location?

• Food

• Shelter

• Cars

• Education

What is a service in economic terms?

• A physical product sold in stores.

• A government policy for businesses.

• A helpful activity provided by a business.

• A type of currency used in trade.

Which of the following is an example of a service?

• Purchasing a car

• Buying a book

• Ordering food delivery

• Shopping for clothes

What is the main purpose of a budget?

• To increase spending

• To track and manage money

• To spend all income

• To avoid saving money

If you receive 100 baht and spend 50 baht, how much do you save?

• 50 baht

• 100 baht

• 0 baht

• 150 baht

Why is it important to save money in a bank?

• To avoid paying taxes

• To show off to friends

• To earn interest and keep it safe

• To avoid spending it on wants