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What is the meaning of scale of preference in economics?

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READ ALSO: What is the meaning of scale of preference in economics. https://ask.naij.com/economics/what-is-the-meaning-of-scale-of-preference-in-economics-i23738.html

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READ ALSO: What is the meaning of scale of preference in economics.

Find out more about this concept for your personal and business life. 

scale of preference

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9 comments

Economics is not just a science one has to study in school or university. It has much more to offer. The majority of the economics concepts are applicable to our daily lives. One of such concepts is the scale of preference. You can use it dealing with the planning and economy of a whole country, or just with one family or individual. What it basically means is the set of preferences or priorities. A country and a person alike have to do some planning to survive. What is more important to you: food or fancy clothes? The answer is pretty obvious. You can survive without new shoes, but you can hardly do without your daily bread. Once you set up your priorities, you start planning for the income and expenditures accordingly. You set aside the major part of your budget to spend on food instead of spending it all on shopping. Things you need are more important than things you like. It works the same way in marco economy.

READ ALSO: Is inflation good or bad?

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Expert
Answered 9 months ago.

Economy does have some hard to understand concepts. one of them is the scale of preference. We've got that covered on this site. you may also want to read: What are infant industries?

https://ask.naij.com/economics/what-are-infant-industries-i23672.html

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Expert
Answered 11 months ago.

Scale of preference is the arrangement of our want in ascending or descending order of importance or priority.

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Newbie
Answered 11 months ago.

It is important for us to understand terms better to get more educated and obtain best results in our studies and career. Scale of preference is the term used in economics, but it can also be a useful thing for one's personal life. You can range your needs, wants and expenses by their importance to you and your family.

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Expert
Answered 1 year ago.

List of all you want in order of need or necessity. I think preference is from the word prefer

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Newbie
Answered 1 year ago.

Scale of preference is something used in economics to set a list of products or services in the highest demand. Supply and demand is the basic concept that “rules” the market. This scale of preference can be used to make a list of products in highest or lowest demand. Or the ones missing on the market, but with high demand.

The idea can also be used on one’s personal life to structure it and become successful. You can evaluate the tasks or demands of life and scale them using certain criteria. This way you can decide to invest your time and efforts in some things over the others.

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Expert
Answered 1 year ago.

Scale of preference in economics is the lists of all items we want in order of their importance.e.g. You want a pair of shoe,a wristwatch,school bag,handset &a radio set.If the most important is school bag,it will be placed on number1

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Newbie
Answered 2 years ago.

Am not an economists but that word 'preference' is not amnigious to know. Therefore, scale of preferences is a scale or measure in which you examine the best needs you hve and your preference for the present time at what is available for you

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Newbie
Answered 2 years ago.

Simply, your list of want in order of priority.

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Newbie
Answered 2 years ago.
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