Explain to Economic Laws in detail.
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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.”
It can be inferred from this definition that economic laws are:
(a) Statements of economic tendencies,
(b) Social laws,
(c) Concerned with human behaviour, and
(d) Human behaviour can be measured in money
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