Laws of Economics - Law of Demand and Supply, Definition, Nature and Application of Economic Laws.

This Business Economics Lecture gives you a basic idea of the Laws of Economics, laws of Demand and Supply, Definition, Types, Nature and Application of Economic Laws. The notable discussion will be on the following topics:
00:00 Introduction
00:17 What are the Laws of Economics?
00:43 Laws of Economics
00:54 Law of demand
01:15 Law of supply
01:35 Nature of Laws of Economics
02:02 Lack of exactness
02:52 Hypothetical
03:17 Statement of propensity
03:41 Application of Economic Laws
04:00 Formulation of economic policies of countries
04:27 Formulation of economic policies of organizations

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