A preference scale in economics is a basic tool that determines the demand of certain products. This scale revolves around the basic needs of humans for a specified product.Continue Reading
Economics all revolves around the demand and the supply of products. Consumers are constantly looking for products or services to satisfy their needs. They must have a need for these products, and generally people want the products as well. For example, a product that is in high demand is a cell phone. Nearly every person in the United States has a cell phone, and most people want a cell phone.
A product that is not in high demand is a slow-operating dial-up Internet system. People no longer need dial-up Internet because there are many more wireless options that they can use with laptops and mobile phones. There are still dial-up connection systems available, but they are not widely demanded. There is a smaller supply of these systems because of this. There is a large supply of cell phones, and new cell phones are constantly being made because people want to carry the newest and best cell phone on the market. The supply and the demand is the driving force behind why products are designed and manufactured.Learn more about Economics