Can You Describe Something About Economic Laws?

Economics is a social science. It has been commonly observed that people, while living in a society, show a similar economic behaviour. This economic behaviour in different aspects of economic life has been summed up as a set of generalisation which is known as economic laws. Thus an economic law is a statement, concluded and inferred, on the economic behaviour of the people in general. In other words, economic laws are supposed to govern and explain all economic activities of the people living in a society. Reference to Robbins definition it can easily gather that the use of limited resources in a pursuit to satisfy unlimited wants, reflect the economic laws are the statements of tendencies by which human beings make use of scare resources, obviously in an alternative fashion, with a view to satisfy unlimited wants.

For example the general tendency on the part of the people is that they purchase more at a lower price and vice versa, if all other things remain constant. This economic tendency has been generalised as an economic law called law of demand. Similarly, many economic laws have been made to cover tendencies in the economic life e.g. law of diminishing marginal utility, law of supply, law of substitution, law of variable proportions etc.

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