INTRODUCTION TO ECONOMICS – VIII

Posted on January 22, 2013 by hemawad

FEATURES OF ECONOMIC LAWS Economic laws possess the following important features or characteristics. 1]. Economic laws are not exact Economic laws are less exact and less definite than laws of natural sciences like physics chemistry etc. as they deal with…

INTRODUCTION TO ECONOMICS – VII

Posted on January 22, 2013 by hemawad

TYPES OF LAWS-THEIR LIMITATIONS & VALIDITY: A law in context of any science is a statement of causal relationship between two sets of phenomenon or two sets of variables. According Dr Alfred Marshall “a law is a general proposition or…