preference is always given to the needs of a _______.
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Answers
Answer:
Preferences refer to certain characteristics any consumer wants to have in a good or service to make it preferable to him. This could be the level of happiness, degree of satisfaction, utility from the product, Preferences are the main factors that influence consumer demand. Economists study preferences to perceive the demand for each commodity and the future implications it may cause.
Answer:
In economics and other social sciences, preference is the order that a person (an agent) gives to alternatives based on their relative utility, a process which results in an optimal "choice" (whether real or theoretical). Preferences are evaluations, they concern matters of value, typically in relation to practical reasoning.[1] Instead of the prices of goods, personal income, or availability of goods, the character of the preferences is determined purely by a person's tastes. However, persons are still expected to act in their best (that is, rational) interest.[2] Rationality, in this context, means that when individuals are faced with a choice, they would select the option that maximizes self interest. Further, in every set of alternatives, preferences arise. [3]