I subscribe to illustrations by Carl Richards on his website Behavior Gap. I found this latest illustration on point. In my Economics classes I try to explain the concept of unlimited wants vs limited resources. Most of my students do not accept this concept and confuse wants with needs. I am thinking of assigning the following questions as homework after the first lecture.
I will modify the questions removing the word financial. I encourage everyone to follow this link to view Mr. Richard's illustration.
- What if financial happiness is not about getting more but about wanting less?
- What if things start out as wants and become needs not because the thing itself has changed but because our feelings about it have changed?
- What if you can never really get enough of something that you don’t need?
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