A priority rating of aggregate individuals wants is called

A scale of preference is a priority rating of aggregate individuals wants. It refers to a list of wants or needs arranged in order of importance or priority. People usually have unlimited wants, but resources to satisfy these wants are limited, so they have to make choices. A scale of preference helps people to make choices by giving them a clear understanding of what is important to them, and what can be sacrificed or postponed. The most important wants are given priority over the less important ones, and this helps to allocate resources efficiently.