Preference
PREF-uh-rens
/ˈprɛfərəns/
A greater liking for one alternative over another or others.
In economics, preferences are assumed to be stable and rational, guiding consumer choices to maximize utility. They are subjective but form the basis of demand.
The story behind the word. The word 'preference' comes from the Latin praeferre, which means 'to carry before' or 'to set before.' It's a combination of prae- (before) and ferre (to carry). This root elegantly captures the idea of choosing one thing and 'carrying it before' or valuing it more highly than others. In economics, it describes how consumers rank their desires, influencing their purchasing decisions.
Word relationships
- liking: 'Liking' is a general feeling of fondness, while 'preference' implies a choice or ranking among alternatives.
- choice: 'Choice' is the act of selecting, while 'preference' is the underlying reason or inclination for that selection.
- dislike: A feeling of aversion or not liking something.
- indifference: Lack of interest, concern, or sympathy; in economics, having no preference between two options.
Commonly confused with
- taste: 'Taste' often refers to aesthetic judgment or a specific type of preference, while 'preference' is a broader economic concept of ranking goods/services.
Word family
- prefer (verb): To like one thing better than another.
- preferential (adjective): Giving an advantage to one person or group over others.
Collocations
- consumer preference
- strong preference
- revealed preference
- personal preference
- express a preference
Idioms & expressions
- in preference to
Example sentences
- "Consumer preferences for healthier food options have driven many companies to reformulate their products." Analyzing consumer behavior.
- "The survey aimed to understand the distinct preferences of different demographic groups for streaming services." Discussing market segmentation.
Memory hook
When you PREFER something, you put it 'PRE-' (before) other options, 'FER'-rying it to the top of your list. PREFERENCE = Choose Before
When not to use
While 'preference' can mean a general liking, in economic models, it's a formal concept that implies a consistent ranking of choices.
Fun facts
- In economics, 'revealed preference' theory suggests that consumer preferences can be inferred by observing their choices.
Related words
Explore more words
subjectivity, fondness, marginalism, utilitarian, equilibrium, rationale
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