Updated: Aug 20, 2021

An alternative, and less formal, terminology for preferences. Differences in tastes can explain why two consumers who are identical in all observable characteristics do not make identical purchases.

Reference: Oxford Press Dictonary of Economics, 5th edt.

Sources & references
Risk disclaimer
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.