People work and earn money to take care of their needs as well as their wants. What is the difference between need and want? You need a bicycle to get to school and back if there are no good bus facilities in your town. You dream about a new cricket bat – this is a want, not a need. We need healthy food to stay alive. We want food that is not only healthy, but also tasty, rich, juicy, hot, and served in nice restaurants.
Families spend money depending on the needs of each person in the family. Basic food, education, housing, safety, and saving for the future are all needs. If there is enough money left after spending on the needs, families then think about spending on wants. Ask your mother if this is the reason why she did not let you buy something you wanted? Ask her what she did with the money instead.
Not all work is paid for by money. Not all work needs to be paid for. Can you think of examples for such situations?
Most people earn money by working for themselves or for someone else. A family may have one or more members with incomes.

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