One of the most common concepts in economics is the assumption that consumers have endless wants. The problem isresources are limited. Consumers and businesses make choices due to resources and scarcity. Often, trade-offs and choices must be made.

Consider the following in relation to wants versus needs as a consumer.

Rank six of these in order of the most important to you and briefly explain why you selected them in that specific order?

1. Telephone
2. Housing/Shelter
3. Transportation car/bus/train/bicycle
4. Food/Water
5. Working part time or full time
6. Education
7. Medical care/healthy living/medicine
8. Pets
9. Clothing
10. Children
11. Family
12. Friends
13. Recreational activities
14. Personal care
15. New technologies