Question

define economic laws in detail.​

Answer 1

Answer:

good

Explanation:

Economic laws are statements of uniformities about human behavior concerning the disposal of scarce means with alternative uses for the achievement of ends that are unlimited.” These two definitions are common in that they consider economic laws as statements of tendencies or uniformities relating to human behavior.

Answer 2

Answer:

Economic laws are like scientific laws which trace out a causal relationship between two or more phenomena. ... Similarly economic laws are statements of tendencies. For instance, the law of demand states that other things remaining the same, a fall in price leads to an extension in demand and vice versa