Economic LawsEconomics like other subjects has its own set of generations . In everyday life, we see man is always busy in satisfying his un-limited wants with limited means. In doing so, he acts upon certain principle.

These principles which an average man follows, when he is engaged in economic activity are named as economic laws.What is Law? The system of rules which a particular country or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties

Following are the main characteristics of economic laws:

1.Lack of exactitude:The nature of economic laws is that they are less exact as compared to the laws of pure science, like physic, chemistry etc. the economist cannot predict with surety as to what will happen in future in the economic domain. 2.Economic laws are hypothetical:Economic laws are hypothetical as they are based in certain condition. If these conditions are fulfilled wise they will not hold good.

Economics laws are conditional: That is why, at the end of the statement of each economic law it is always state that all other factors remain constant.

3. Economic laws are qualitative not quantitative:Economic laws are qualitative in nature. They cannot be expressed in quantitative term. The laws of economics only tell the direction of change not the amount of change. E.g. according the laws of demand, the quantity demanded arises inversely with price. We do not say 10% rise in price will lead to 20% fall in quantity demanded.

4.Applies on the average in normal conditions:Economics laws do not deal with any particular firm, commodity etc. it takes an average economic unit. It also applies in normal conditions.

Economics Laws are statement of Tendencies:Economics laws represent economic tendencies of the people in general. Therefore they are merely statement of tendencies or statistical probabilities.

5.Laws of economics are exact than the laws of other social sciences.

6. Based on Assumptions:

importance of studying of economics

Importance of the Law

It has certain theoretical and practical importance.

1.Theoretical importance:Following are main theoretical importance of studying economics.

i.Broaden outlook:The knowledge of economics broadens our outlook, sharpens our intellect inculcates in its the habit of balanced thinking.ii.Increases our knowledge:The study of economics enhances our knowledge. We can easily understand our economic problems. E.g. changes in prices, export and import policy etc.

Practical importance:

The practical importance of economics is greater than its theoretical advantages. These advantages can be looked from individual and community point of view.

1.Useful of the consumers:The study of economics is very useful for consumer. If the consumer knows the principle of economics he can adjust his expenditure in a better way. Acting upon the low of equi-marginal utility, he can get maximum satisfaction out of his available resources.

2.Useful for the producer:Economics is very useful for the producers. It guides him that how he should combine the four factors of production and minimize the cost of production.

3.Importance for a common man:The study of economics is very useful for a common man. It enables him to understand government policies.

4.Importance for the businessman:A businessman can learn the principle of businessman organization. He will be able to plan has business well and taken his business problem successfully.

5. Useful for finance minister:

Thy study of economics is very important for the finance minister. He has to raise revenue by imposing taxes on the income of the people for meeting the necessary expenditure of the government. Economics guides him that how he should frame tax policy and monetary policy.

6. Poverty and development:

The study of economics helps in removing poverty from the country. developing countries are facing many problems like un-employment, over population, low per capita income etc. economics is immensely important in solving those problems.

Science, Engineering, and TechnologyThree disciplines, one world

ScienceEngineeringTechnology. . . is the body of knowledge of the physical and natural worlds. . . is the application of knowledge in order to design, build, and maintain technologies. . is the body of knowledge, systems, processes, and artifacts that results from engineering. . . seeks to describe and understand the natural world and its physical properties. . . seeks solutions for societal problems, and needs, and wants. . . can be used to describe almost anything made by humans to solve a problem or meet a need . . . uses a processthe scientific methodto generate knowledge. . . uses a processthe engineering design processto produce solutions and technologies. . . results from the process of engineeringScientific knowledge can be used to make predictionsEngineering aims to produce the best solutions given resources and constraintsTechnologies are anything made by humans to fill a need or desire