Preference (economics) definition

noun

(1) Grant of favor or advantage to one over another (especially to a country or countries in matters of international trade, such as levying duties)

(2) The right or chance to choose

"Given my druthers, I'd eat cake"

(3) A predisposition in favor of something

"A predilection for expensive cars"

"His sexual preferences"

"Showed a Marxist orientation"

(4) A strong liking

"My own preference is for good literature"

"The Irish have a penchant for blarney"