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Session 2 Study Guide: Needs vs. Wants

Money, Values & You — A Financial Literacy Course for 6th Graders

Key Topics

TopicDetails
What are needs? (food, shelterWhat are needs? (food, shelter, water, clothing, healthcare)
What are wants? (extras, luxurWhat are wants? (extras, luxuries, nice-to-haves)
The gray areaThe gray area: is a phone a need or a want?
How context changes everythingHow context changes everything
Ads are everywhereAds are everywhere: TV, social media, billboards, even schools
Tricks advertisers useTricks advertisers use: urgency, celebrity, FOMO, emotional appeal
When wants feel like needs becWhen wants feel like needs because of advertising
Thinking critically about adsThinking critically about ads: asking who benefits
What is opportunity costWhat is opportunity cost: what you give up when you choose
Real examples for 6th gradersReal examples for 6th graders
Making better choices by thinkMaking better choices by thinking ahead
The hidden cost of impulse buyThe hidden cost of impulse buying
What is Israf (wastefulness) iWhat is Israf (wastefulness) in Islam
What is Qasad (moderation) — tWhat is Qasad (moderation) — the middle path
Quran 7Quran 7:31: eat and drink but do not be extravagant
Living with enoughLiving with enough: contentment without deprivation

Lesson Summaries

Lesson 1: What Do You Really Need?

Explore the difference between survival needs and everything else. Discover why the line between needs and wants is not always clear.

Lesson 2: The Power of Advertising

Discover how ads shape what we think we need. Learn to spot advertising tricks like urgency, celebrity endorsement, and FOMO.

Lesson 3: Opportunity Cost

Every choice has a cost. Learn what you give up every time you spend money, and how to make better decisions.

Lesson 4: Israf and Qasad: Balance in Spending

Explore the Islamic concepts of Israf (wastefulness) and Qasad (moderation). Learn what Quran 7:31 teaches about balance.

Review Questions

  1. What is the difference between a need and a want?
  2. Give an example of something that could be either a need or a want depending on context.
  3. Why is it sometimes hard to tell needs from wants?
  4. Name three things that are always needs, no matter the context.
  5. Name two tricks advertisers use to make you want something.
  6. What does FOMO stand for and how do advertisers use it?
  7. How can you think critically about an ad?
  8. Give an example of an ad making a want feel like a need.
  9. What is opportunity cost?
  10. If you spend $15 on a movie, what might the opportunity cost be?
  11. Why is understanding opportunity cost important for spending decisions?
  12. What is the opportunity cost of impulse buying?
  13. What does Israf mean?
  14. What does Qasad mean?
  15. What does Quran 7:31 teach about spending?
  16. How can a 6th grader practice Qasad in daily life?