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1. it helps individuals or groups to meet their maximum satisfaction using their limited resources.
2. it also helps individuals to make the right choices when it comes to allocating their scarce resources.
3. it promotes the efficient use of the scarce resources.
4.the priorities of the individual or firms are properly set through scale of preference.
Wiki User
∙ 12y ago
Anonymous
chinelo tochukwu
Patrick Salome
Wisdom Fofie
Daniel Sam
- Scale of preferences help individuals to allocate his limited resources on want that will give him or her the maximum satisfaction.
Daniel Sam
akudo ndianefo
Seraphina Atanga
It helps individuals, firms and government to make rational choices
It helps individuals to maximize satisfaction with their limited resources
It helps us to put our available resources into their best uses because, most important ones will be first met
The knowledge gained from scale of preference helps producers to use their scarce resources more efficiently so as to maximize output
T
Vannesa Jepwe
Promotes efficient use of scarce
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What is scale of preference in economics?
Scale of preference is the list of unsatisfied wants arrange in order of thier relative importance.
Why do you use scale of preference in economics?
You use scale of preference to know your most wanted things to your least wanted things and to get your piorities right and to achieve your un satisfied wants with your limited resorces.
What are the basic concepts of economics?
Economics involves the interactions in society involving finances. Namely, economists study how the monetary value of items changes over time based on outer effects like the supply of resources and the demand of consumers.
How does nnpc achieve internal economics of scale?
How does nnpc achieve internal economics of scale
What is choice in economics?
choice is giving preference to your needs.
What is scale of preference in economics?
Scale of preference is the list of unsatisfied wants arrange in order of thier relative importance.
Why do you use scale of preference in economics?
You use scale of preference to know your most wanted things to your least wanted things and to get your piorities right and to achieve your un satisfied wants with your limited resorces.
How is economics importants to citizens of a country?
economics sucks im stuck in a class about economics and im bored out of my freakin head man
What are the basic concepts of economics?
Economics involves the interactions in society involving finances. Namely, economists study how the monetary value of items changes over time based on outer effects like the supply of resources and the demand of consumers.
How does nnpc achieve internal economics of scale?
How does nnpc achieve internal economics of scale
What is choice in economics?
choice is giving preference to your needs.
What is the importance of scale of preference to firms?
the importance of scale of preference to firms is right choices of goods to produce an efficient utilization of resources
What is the importance of scale of prefence to government?
What is the important of scale of preference to government
19 importance of scale of preference?
D
What is the advantage of scale of preference in economic?
it is a scince
What are the 2 major divisions of economics?
The two major divisions of economics are microeconomics and macroeconomics. Microeconomics refers to economics on an individual scale, such as a home or business. Macroeconomics refers to economics on a much larger scale, such as a region, nation, or even the entire world, depending on which you want to study.
What is meant by 'economics of scale'?
'Economies of scale' means a proportionate amount of savings accruing from increased productivity.
