The overview about human behavior called the economics laws. In economics laws that human behavior is studied this is assume by the social men during economic activities. Economics, like all other sciences, have it own set of laws. In United States and other legal system economics laws are treated as commercial laws while in Soviet Union legal system economic laws are treated as criminal laws and civil laws
Nature and Characteristic of Economic Laws
No Universal Truth
Economics laws are stand on human behavior and it is ever changing so economic laws do not prove universally true.
Economics laws narrate with the changing human behavior so they prove true with certain conditions. If all those condition not fulfilled, the law does not hold goods, e.g. law of demand hold goods. When income of the consumer, taste, fashion, prices or substitute etc. don’t change.
Lack of predicted
Economic law based on human attitude and sentiments. The attitude and emotion could not forecast. So we can say that economic law not predicted.
Based on Facts
The economic law based on facts of life. It is a universal truth because if prices of commodity increase, cost of production unchanged so the supply for that commodity extends
Do not Laboratory Tested
Like other physical laws, economic laws can not experiment and tested in the laboratory because the economics laws are only the statements of propensity.
Economic laws are not obligatory and implemented by the state. If economic laws are violated no punishment is given by the state. while state laws if violated, the violators are punished.
Economic laws are Elective
Economic laws are elective in nature. There is no urge to abide by economic laws.
Evaluate pole is Money
The laws of economics more accurate because they can measured with the help of money price.