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Managerial Economics: Economic Laws

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Running head: ECONOMIC LAWS 1
Managerial Economics: Economic Laws
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Managerial Economics: Economic Laws
Introduction
Poorer underdeveloped nations ought to reject the models focused around the monetary
laws of universal since there are no laws. While making the monetary laws, many points need to
be considered. One of the fundamental points is that every single nation of the world is
distinctive, some are rich and others are poor. So while making the general laws of economics
there ought to be a provision for each type (Skousen, 2010). In actuality in the event that we take
a gander at economic expectations, then from that we discover that it is nearly difficult to
envision cultures, history, governments, and religion on the planet which covers the universal
law could be made. These laws include Laws of causality, Law of relative advantage, and law of
uncertainty. Law of competitive benefit would be least appropriate for poor nations.
In determining the future, economists use two universal standards. These are the
standards of causality and standard of uncertainity. The guideline of causality reflects the causal

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