Question

9. Economic law and its nature,​

Answer 1

Economic laws are like scientific laws which trace out a causal relationship between two or more phenomena. As in natural sciences, a definite result is expected to follow from a particular cause in economics.

The nature of economics

Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.

Answer 2

Explanation:

ECONOMIC LAWS

1) A law (or generalisation) is the establishment of a general truth on the basis of particular observations or experiments which traces out a causal relationship between two or more phenomena. But economic laws are statements of general tendencies or uniformities in the relationship between two or more economic phenomena.

2) Marshall defined economic laws in these words, " ECONOMIC laws, or statements of economic tendencies, are those social laws, which relate to those branches of conduct in which the strength of the motives chiefly concerned can be measured by money price."

NATURE OF ECONOMIC

Economic laws are like scientific laws which trace out a causal relationship between two or more phenomena. As in natural sciences, a definite result is expected to follow from a particular cause in economics.