Question

Discuss the nature and importance of economics laws.

Answer 1

 Economics is concerned with economic activity which involves production and consumption of goods and services for the ultimate sales of human wants. Therefore, production, consumption, exchange, and distribution, are various activities of human beings, and man perform economic, as well as non-economic activities. For an economic activity, he earns an income, for the result he puts into the production of something. And that which he does, out of love and pity is an non-economic activity. 
Economics is a developing science, and is important because, there is always a condition of scarcity of resources, and multiplicity of wants. Without this, there would have been no selling and buying, and entrepreneurs wouldn't be required to alternate and distribute resources. Therefore, Economics study different aspects of production, consumption, exchange, and distribution. 


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Answer 2

Economics is known as science too.Just like any other science,economics is also based on
Laws.For example laws of dimnishing marginal utility,ĺaw of demand,ĺaw of supply etc The nature of these laws of economic ĺaw are as under:-

1)Unlike the laws of science,The laws of economics are based on assumptions.

2)Laws of economics are based on situation like if price would rise,this would be the effect on demand and th8s would be the effect on supply.

3)Laws of economics also include diagrams of slopes.

These laws determine the national income and market of national economy.