A list of consumer's wants arranged in order of priorities is known as

A list of consumer's wants arranged in order of priorities is known as a scale of preference. It is a tool used to help consumers make choices by ranking their needs or wants in order of importance. For example, if a person has a limited budget and needs to buy groceries, pay rent, and buy clothes, they can use a scale of preference to decide which item is the most important to them. They would rank their needs in order of importance and allocate their budget accordingly. The scale of preference helps consumers to make informed decisions about how to allocate their limited resources. It allows them to identify their most important needs or wants and prioritize them over less important ones. By doing so, they can maximize their satisfaction and make the most of their available resources.