Question on: SS1 Economics - Concepts Of Wants, Scarcity, Scale Of Preference, Choice And Opportunity Cost
Which of the following best defines the scale of preference?
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A
The desires or needs of individuals for goods and services that can satisfy their needs or make them happier.
B
The list of wants or needs that an individual has, arranged in order of priority.
C
The situation where the available resources are limited in relation to the wants or needs of individuals.
D
The act of selecting one option from several available alternatives.
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Correct Option: B
The scale of preference is best defined as the list of wants or needs arranged in order of priority. This is because individuals have limited resources and must decide which wants are more important to satisfy first.
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