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law is a system of rules and guidelines which are enforced through social institutions to govern behavior.[3] Laws are made by governments, specifically by their legislatures. The formation of laws themselves may be influenced by a constitution (written or unwritten) and the rights encoded therein. The law shapes politics, economics and society in countless ways and serves as a social mediator of relations between people.

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Q.1 Define Economics and explain the importance of economic analysis for business decision-making? Definitions of Economics:Numerous definitions of economics are offered from time to time Dr. Maynard Keynes has rightly remarked, Political Economy is said to have strangled itself with definitions. L.M.Fraser has classified the definitions of economics into type A and type B. Type A definitions are related to wealth and material welfare and type B to scarcity of means.Adam Smith was the founder of economics because he wrote the first systematic book on economics na

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