Question

what are tastes and preferences

Answer 1

Consumer preferences are defined as the subjective (individual) tastes, as measured by utility, of various bundles of goods. They permit the consumer to rank these bundles of goods according to the levels of utility they give the consumer. Note that preferencesare independent of income and prices.

All markets are shaped by collective and individual tastes and preferences. These patterns are partly shaped by culture and partly implanted by information and knowledge of products and services.

Tastes” and “Preferences” are synonyms referring to the “satisfaction” you get from a ... An example is bicycles and skateboard: both provide transportation services.

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Answer 2

all markets are shaped by collective and individual tastes and preferences. These patterns are partly shaped by culture and partly implanted by information and knowledge of products and services.