Economic Laws:Similar to other social sciences, economics possess its own laws. The law is a statement of what should happen given certain circumstances. Every cause has a tendency to generate some outcome. For illustration, in Physics, we study that things fall to the ground since of gravitation. Law of gravitation is the statement of tendency. Likewise, the laws of economics are statements of tendencies. For illustration, according to the law of demand, whenever there is fall in the price of a good, the demand for it will enlarge. It means that there is a tendency amongst people to buy more whenever there is fall in the price of a good. Likewise, when price rises, they buy less. Laws operate beneath certain conditions. When such conditions alter, they will not operate. This is valid in all sciences. Whenever some economic laws do not operate, it means that the conditions have modified.We might broadly categorize sciences into physical and social sciences. Physics and chemistry are illustrations of physical sciences. Economics and politics are illustrations of social sciences. The laws of physical sciences are precise. However the laws of economics are not as precise as the laws of physical sciences. For illustration, we have the law of gravitation. It is an easy and exact statement. However in economics, we deal with human beings and their behavior with reference to the economic activity. We can’t conduct experiments with human beings either in the laboratory or exterior it. That is why economic laws can’t be as exact as the laws of physical sciences. We might also note that we study concerning average human behavior in economics.Since economics deals with man and his behavior, its laws are complicated and inexact. That is why Marshall has stated that “the laws of economics are to be compared with the laws of tides instead of with the simple and exact law of gravitation”. The science of tides states the tides mount and fall under the influence of the Sun and Moon. Probably there will be high tide on full moon night. It might be there or it might not be there. It is only a possibility.Likewise, economic laws also point to probable trends. For illustration, whenever there is increase in the amount of money, there might be increase in the price level. However we cannot say exactly by how much prices will rise. However economic laws are more exact than the laws of history and politics since economics make utilization of money as a measuring rod of utility. Although money is a rough measure, it provides a concrete shape to economic laws.Every economic law depends on certain assumptions. Let us take the law of demand. It states that “other things being equivalent”, whenever the price of a good falls, people will buy more of the good. By “other things are being equivalent” we mean (1) That the income of the people remains similar, (2) That their tastes stay similar, (3) That the prices of other goods stay similar and (4) That no new replacement for the good is discovered. The law will hold well only whenever the above suppositions are fulfilled.At times, it is said that the laws of economics are theoretical. That is, we make a hypothesis. Only after it is confirmed by facts and experiments and found true, and it becomes a law. However many economic laws can’t be confirmed by experiment. That is why we say at times that economic laws are hypothetical.The laws of physical sciences contain universal application. However that is not generally the situation with regard to economic laws. Obviously, there are one or two exceptions. The Law of Diminishing Returns has worldwide application.
Latest technology based Economics Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Nature and Scope of Economics help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Nature and Scope of Economics, project ideas and tutorials. We provide email based Nature and Scope of Economics help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Nature and Scope of Economics. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of the Economics assignments, which may help you to solve your complex issues of Nature and Scope of Economics. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
tutorsglobe.com saprotrophs assignment help-homework help by online nutrition in fungi tutors
Arthropoda Class-Chilopoda and Diplomoda tutorial all along with the key concepts of Characteristics of Chilopoda and Diplopoda, difference between chilopoda and diplomoda, Millipede, Centipede, features of Arachnida, Spiders and Scorpions
tutorsglobe.com enhancing distribution of income assignment help-homework help by online objectives of fiscal policy tutors
Theory and lecture notes of Sample data base design all along with the key concepts of sample data base design, data management. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Sample data base design.
Theory and lecture notes of Market Structure all along with the key concepts of market structure, Oligopoly, Spectrum of market structure, Early Generalized Model, Conjectural Variation. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Market Structure.
TutorsGlobe.com Gas Law-I Assignment Help-Homework Help by Online Access Chemistry Tutors
www.tutorsglobe.com offers Benefits of Budgetary Control homework help, assignment help, case study, writing homework help, online tutoring assistance by accounting tutors.
tutorsglobe.com applied biology assignment help-homework help by online zoology tutors
composite video signal contains camera signal consequent to the wanted picture information, blanking pulses to create the retrace invisible and synchronizing pulses to synchronize the transmitter and receiver scanning.
Sequencing of Peptide tutorial all along with the key concepts of sequencing peptides and proteins, Steps to Sequencing, Deciphering the Complete Primary Structure
Flame Spectroscopy Definition of Flame Spectroscopy, Working Principle of Flame Emission Spectrometry, Working Principle of Flame Atomic Absorption Spectrophotometry, Interference, Application of the Techniques, Atomic Absorption Analysis
Theory and lecture notes of Imperfect Labour Markets all along with the key concepts of Monophony, Profit Maximization by a Monopolist, Prevalence of Monophony, Labour Mobility, Return and Repeat Migration. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Imperfect Labour Markets.
Looking for bimolecular assignment help - bimolecular homework help and biology tutor service? get solved your bimolecular problems online.
What is process costing - The system of process costing is appropriate for industries including continuous production of similar product or products via the same process or set of processes.
tutorsglobe.com muscles assignment help-homework help by online human physiology tutors
1947851
Questions Asked
3689
Tutors
1453214
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!