scale of preference and its importance

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scale of preference and its importance. the understanding of scale of preference to economics and reasons. how government makes plans using the scale of preference.

financial institution

planning is one of the major benefits of any organization. so to make plans for proper use of the scarce resources, the use of scale of preference it’s importance comes to play

SO WHAT IS SCALE OF PERFERENCE


Scale of preference is defined as a list of unsatisfied wants arranged in the order of their relative importance. In other words, it is a list showing the order in which we want to satisfy your wants arranged in order of priority.

supply

In the scale of preference, the most pressing wants come first and the least pressing ones come last. It is after the first in the list has been satisfied that there will be room for the satisfaction of the next.

the power and the will of Choice therefore arises because human wants are unlimited or numerous, while the resources for satisfying them are limited or scarce.

A TYPICAL EXAMPLE OF THE APPLICATION OF SCALE OF PREFERENCE

For example, Mr. Babatunde, a trader who has only N10,000.00 wants to buy a pair of shoes , shirt, cap, fan , stove and pressing iron as shown in table 1.1.
Table 1.1 Babatunde’s scale of preference
Items needed
Price(N)

Shoe
3,500.00

Shirt
1,000.00

Cap
500.00

Fan
5,000.00

Stove
3,500.00

Pressing iron
4,000.00

The table above represents Mr. Babatunde’s scale of preference; he has carefully arranged all numerous wants in order of priority. Since Mr. Babatunde has only 610,000.00, he can only purchase a pair of shoes, shirt, cap and fan.

Because his resources (610,000.00) is limited, he has afford based on his resources.


Importance of Scale of Preference


Ranking of needs: Scale of preference helps us to rank our needs or wants in order of their relative importance.


Financial prudence: Scale of preference does assist in managing our finances properly
Identification of highest

priority: Scales of preference assists individuals to identity quickly the most importance needs among others.


Rational choice: Scale of preference assists individuals, firms and governments to make rational choices in the list of wants.
Efficient utilization of limited resources: Scale of preference also helps individuals to make efficient utilization of available resources
Optimum allocation of resources: Scale of preference facilities optimum allocation of resources
Maximization of satisfaction: Scales of preference enables economics agents to maximize their satisfaction

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WEED AND THEIR BOTANICAL NAMES
1. ENVIRONMENTAL FACTORS AFFECTING AGRICULTURAL PRODUCTION
2. DISEASES
3. 52. SOIL MICRO-ORGANISMS
4. ORGANIC MANURING
5. FARM YARD MANURE
6. HUMUS
7. COMPOST
8. CROP ROTATION
9. GRAZING AND OVER GRAZING
10. IRRIGATION AND DRAINAGE
11. IRRIGATION SYSTEMS
12. ORGANIC MANURING
13. FARM YARD MANURE
14. HUMUS
15. COMPOST
16. CROP ROTATION

  1. IRRIGATION AND DRAINAGE
    19. IRRIGATION SYSTEMS
    20. INCUBATORS
    21. MILKING MACHINE
    22. SIMPLE FARM TOOLS
    23. AGRICULTURAL MECHANIZATION
    24. THE CONCEPT OF MECHANIZATION
    25. PROBLEMS OF MECHANIZATION
    26. SURVEYING AND PLANNING OF FARMSTEAD
    27. IMPORTANCE OF FARM SURVEY
    28. SURVEY EQUIPMENT
    29. PRINCIPLES OF FARM OUTLAY
    30. SUMMARY OF FARM SURVEYING
    31. CROP HUSBANDRY PRACTICES
    32. PESTS AND DISEASE OF MAIZE- ZEA MAYS
    33. CULTIVATION OF MAIZE CROP
    34. OIL PALM
    35. USES OF PALM OIL
    36. MAINTENANCE OF PALM PLANTATION
    37. COCOA

38.
39. PROCESSES IN COCOA CULTIVATION
HOLING AND LINING
40. YAM
41. LAND PREPARATION FOR YAM
42. DEPT OF PLANTING
43. SPACING OF YAM
44. PLANTING DEPT OF YAM
45. STORAGE OF YAM
46. STAKING OF YAM
47. HARVESTING OF YAM
48. COWPEA
JUTE
49. FORAGE CROP AND PASTURE
50. FORAGE GRASSES
51. SILAGE
52. PASTURE
53. TYPES OF PASTURE
COMMON GRASSES AND LEGUMES
54. GRASSES
55. LEGUMES
56. ESTABLISHMENT OF PASTURES
57. 201. FORAGE PRESERVATION
58. HAY SILAGE
59. FORESTRY IMPORTANCE OF FORESTRY 206. FOREST MANAGEMENT FOREST REGULATION DEFORESTATION AFFORESTATION
60. DISEASES AND PESTS OF CROPS
61. MAIZE SMUT
62. RICE BLAST
63. MAIZE RUST
64. LEAF SPOT OF GROUNDNUT
65. COW-PEA MOSAIC
66. COCOA BLACK POD DISEASE

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