Final answer:
Preferences measure how badly a person wants something, factoring in their tastes and preferences, which are a key part of consumption choices in economics.
Step-by-step explanation:
Your preferences measure how badly you want something. This is based on tastes and preferences, which are influenced by your willingness to purchase a product. If a product does not align with your tastes and preferences, you are less likely to purchase it. The availability of alternatives or substitutes can also affect your choices, but these relate to substitute availability and are not directly connected to how badly you want something. In economics, scarcity also plays a role as it limits the resources you have to satisfy your wants, which are endless. Therefore, your preferences, in the light of scarcity and tastes, directly influence your consumption choices and the value you assign to different goods and services.