Can You Describe Something About Economic Laws?
Answer:
Economics is a social science. It has been commonly observed that people, while living within a society, show a similar economic behaviour. This economic practice in different aspects of economic life have been summed up as a set of generalisation which is known as economic law. Thus an economic law is a statement, concluded and inferred, on the economic way of life of the people in general. In other words, financial laws are supposed to govern and explain all economic goings-on of the people living in a society. Reference to Robbins definition it can easily collect that the use of limited resources in a pursuit to satisfy unlimited requirements, reflect the economic laws are the statements of tendency by which human beings make use of scare resources, obviously surrounded by an alternative fashion, with a view to thrill unlimited wants.
For example the general tendency on the part of the pack of the people is that they purchase more at a lower price and vice versa, if all other things remain constant. This economic predilection has been generalised as an economic statute called law of demand. Similarly, abundant economic laws have be made to cover tendencies in the economic natural life e.g. law of diminishing marginal utility, law of supply, law of substitution, regulation of variable proportions etc.
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