A scale of preference is a list of unsatisfied wants arranged in order of priority or importance. It is a priority rating of all individual wants, according to their importance in ones valuation and the means to achieve or obtain them. The most pressing needs are ranked first followed by the less pressing ones. The drawing of a scale of preference makes it easier for choice to be made. In order to achieve maximum satisfaction with limited resources at their disposal, an individual, firm, or consumer arranges their unsatisfied wants in order of priority. Each individual is assumed to have a scale of preference. The consumers scale of preference is independent of the prices ruling in the market.

The importance of the scale of preference in economics is creating a bond between consumers and suppliers for mutual satisfaction. It helps economists and other key stakeholders to determine the real demand for goods and services. The concept creates a bond between consumers and suppliers for mutual satisfaction. It also benefits sellers and buyers to prioritize what to sell and consume. It helps individuals to rank their needs in order of importance, manage resources properly, and identify the most pressing needs.

In summary, a scale of preference is a list of unsatisfied wants arranged in order of priority or importance. It helps individuals, firms, and consumers to make choices and prioritize their needs. It is an important concept in economics as it helps to determine the real demand for goods and services, creates a bond between consumers and suppliers, and benefits sellers and buyers to prioritize what to sell and consume.