Definitions (2)

1. In trade policy, this refers to special advantages, such as lower-than-MFN tariffs, accorded to another country's exports, usually in order to promote that country's development. See GSP.
2. In trade theory, this refers to the attitudes of consumers toward different goods, as represented by a utility function. Some propositions in trade theory use the assumption of identical and/or homotheticpreferences.

Use preferences in a sentence

I asked him what his preferences were as far as cookies go and he told me that he loved the chocolate chip kind.

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When he started to export his miniature farm equipment toys to Canada, his business was given certain preferences so that the whole endeavor would go more smoothly.

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In terms of trade policy, the United States has preferences which will mean lower tariffs for certain countries to send goods to us to show countries in need favor for growth.

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