How Will You Choose the Wants to Be Satisfied? A Class 11 Financial Lesson for Life
Whether it is Class 11 Economics or our businesses in Singapore, life is all about an effortless yet potent truth: we have unending wants and scarce amounts of resources. It is not just a school thing- it is a financial principle that every successful individual and enterprise has to learn to manage.
Just consider this: you want the new iPhone, you need a takeaway vacation in Bali, an investment portfolio, a car and then retirement savings. Which will you fulfill first in terms of limited money, time and energy? The response to this question determines your financial well being and your future potential as well.
Now we will see how this lesson can make the changes to our financial life.
Why Economics Says “You Have Unlimited Wants but Limited Resources”
Economics has been said to be the study of choices. The well known principle is: You possess unlimited wants and limited resources to satisfy them.”
For example:
A student might desire the purchase of an automobile and motorbike. At $1,500 he may be forced to select one.
A young professional might desire to invest in stocks and make a luxury holiday. Her low monthly income would make her make choices.
This trade-off is not an issue- it is an opportunity. The more intelligent allocation you do, the higher will be the returns generated.
Choosing the Wants to Be Satisfied
When you have to make decisions based on competing wants, here is how you should go about it:
Identify Your Needs vs. Wants → Food, shelter, and healthcare come before luxuries.
Evaluate Opportunity Cost → Ask, “If I spend here, what am I giving up elsewhere?”
Consider Long-Term Impact → Is this decision going to bring value to your future or temporal pleasure?
Rank Priorities → Make a list of all the things you want and rank them accordingly (in a big way).
Balance Enjoyment with Growth → Allot a percentage to enjoy, but make sure that investment is developed in proportion.
This is not mere theory but it is the financial discipline, the differentiation between those people who are rich and those that seem to be stuck in the financial bind.
Real-Life Story: Riya’s Choice
Riya, a 24-year-old fresh graduate in Singapore, had $10,000 saved. Her wants included:
A solo trip to Europe ($5,000)
Buying the latest designer bag ($2,500)
Starting a small online store ($8,000)
She could only get one of them to be able to afford one of them: After prioritising, she channelled funds into her online shop. In a span of two years, her business and store gave her more than 30,000 dollars. Her visit to Europe later turned out to be a more luxurious one compared to the original one.
Moral? Choosing wisely multiplies your options in the long run.
The Role of Common Sense
Statistical methods are important in economics, but remember: “Statistical methods are no substitute for common sense.”
Here’s how you can apply both daily:
Budgeting with Numbers → Track income and expenses.
Applying Common Sense → Don’t spend on something just because it’s “on sale.”
Comparing Returns → Analyze investment interest rates.
Using Practical Judgment → Don’t borrow for luxury when you can’t afford repayment.
When combined, statistics and common sense help you choose wisely and avoid costly mistakes.
How Ascendant Globalcredit Group Can Help
At Ascendant Globalcredit Group, we understand that managing wants versus resources is not just an academic idea—it’s real life. Whether you are an expat in Singapore, a startup founder, or a young professional, we guide you in making smarter financial decisions. From investment opportunities to structured plans, our team helps you prioritize the right wants today so you can multiply your wealth tomorrow.
-
By ranking your wants based on importance, analyzing opportunity cost, and balancing short-term needs with long-term growth. This is the foundation of economics and financial decision-making.
-
You make choices through prioritization and opportunity cost. For example, if you have $100 and want both a book and a movie ticket, choosing the book may serve long-term benefits.
-
We satisfy wants by aligning them with available resources, prioritizing needs, and creating systems like saving, investing, and budgeting to expand future possibilities.
-
Satisfaction comes when you not only meet your immediate desires but also know you’ve made a choice that secures your future. For example, investing in a savings plan gives peace of mind beyond instant spending.