preferences

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Preference

The practice of executing trades and other transactions by means other than the open market. For example, if one needs roofing repairs on one's house, one may select one's brother's roofing business even if it is more expensive. In securities, preference often occurs in over-the-counter trades, especially within a brokerage. Preference can, but does not always, lead to economic inefficiency.

preferences

the CHOICES made by consumers as to which products to consume. The strength of consumer preferences will determine which products they buy with their limited disposable income and thus the DEMAND for products. As well as choosing which products to buy, consumers will also express preferences as to which particular BRAND of a product to purchase. See CONSUMER EQUILIBRIUM, PRICE SYSTEM.
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