Scale of Preference

Match each basic economic concept on the left with its correct definition or role in consumer decision-making on the right.

A student with a limited budget of $\text{N}12,000$ constructs a scale of preference listing four items in descending order of priority: Textbooks ($\text{N}7,000$), School Shoes ($\text{N}5,000$), Scientific Calculator ($\text{N}4,000$), and School Bag ($\text{N}5,000$). Match each aspect of the student's economic decision on the left with its corresponding concept or interpretation on the right.

A consumer with a limited budget constructs a scale of preference to allocate income among several competing items. Based on the economic principles of urgency and necessity, in what order should the consumer rank these items from highest priority (most urgent) to lowest priority (least urgent)?

A farmer with an available capital of $\text{N}250,000$ lists his pressing farm needs in order of priority as follows:

1. Purchase of high-yield seeds ($\text{N}250,000$)
2. Construction of an irrigation channel ($\text{N}200,000$)
3. Hiring additional farm labor ($\text{N}150,000$)
4. Installation of solar pest repellers ($\text{N}100,000$)

If the farmer allocates his entire budget to satisfy the highest priority item on his scale of preference, what is the opportunity cost of his decision?

Match each economic action on the left with the corresponding basic economic concept it demonstrates on the right.

Match each consumer action regarding a scale of preference on the left with its underlying economic significance on the right.

A commercial printing firm with a capital budget of $\text{N}500,000$ intends to acquire equipment to expand production. The proprietor constructs a scale of preference listing potential acquisitions in descending order of priority as follows:

1. Industrial Paper Cutter ($\text{N}300,000$)
2. High-Speed Digital Printer ($\text{N}200,000$)
3. Heavy-Duty Binding Machine ($\text{N}200,000$)
4. Lamination Machine ($\text{N}100,000$)

If the proprietor acts rationally by allocating the budget strictly according to this scale of preference, what is the opportunity cost of the decision?

An artisan tailor with a total capital budget of $\text{N}60,000$ prioritizes her business needs in a scale of preference as follows:

1. Industrial sewing machine ($\text{N}35,000$)
2. Electric fabric cutter ($\text{N}25,000$)
3. Overlock edging machine ($\text{N}20,000$)
4. Backup power generator ($\text{N}40,000$)

Assuming she rationally allocates her available capital strictly according to her scale of preference, what is the opportunity cost of her choice?

A tailor receives a monthly allowance of $\text{N}40,000$ and arranges her pressing business needs in order of priority as follows:

1. Sewing machine maintenance: $\text{N}20,000$
2. Purchase of dress fabrics: $\text{N}20,000$
3. Workshop electricity bill payment: $\text{N}15,000$
4. Purchase of a new smartphone: $\text{N}15,000$

If she allocates her entire allowance strictly according to her scale of preference, what is the opportunity cost of her choice?

A rational student operating under a tight budget constraint needs to construct a scale of preference to allocate a limited monthly allowance of $\text{N}25,000$. Arrange the following competing items in descending order of priority (from top priority to lowest priority) according to the economic principles governing a scale of preference.

Match each decision-making scenario involving a municipal planning council's budget allocation on the left with its corresponding economic significance regarding the scale of preference on the right.

An agro-processing cooperative with a capital budget of $\text{N}250,000$ arranges its immediate expenditure needs in order of priority on a scale of preference as follows:

1. Repair of main grating machine — $\text{N}150,000$
2. Purchase of hydraulic press — $\text{N}100,000$
3. Installation of a solar drying shed — $\text{N}100,000$
4. Procurement of cassava tubers — $\text{N}80,000$

If the cooperative spends its budget strictly according to this scale of preference, what is the opportunity cost of acquiring the hydraulic press?

A civil servant receiving a fixed monthly salary constructs a scale of preference to allocate limited financial resources. Based on economic principles of urgency and relative importance of wants, arrange the following spending needs in order of priority from highest priority (most urgent) to lowest priority (least urgent).

A commercial poultry farmer operating under a strict budget constraint needs to construct a scale of preference to guide farm expenditure. Arrange the following financial needs in order of priority, from the most urgent (highest priority) to the least urgent (lowest priority).