The term "economic laws" refers to a set of principles or rules that govern the behavior and interactions of economic agents, such as individuals, businesses, and governments. These laws are based on empirical observations of how economies function and can be used to make predictions about how different factors will affect an economy's performance. Some common examples of economic laws include supply and demand, which dictate that the price of a good or service is determined by its availability (supply) and consumers' willingness to pay for it (demand), and the law of diminishing returns, which states that as a resource is used more intensively, its productivity will eventually decline. Economic laws are important tools in understanding how economies work and can be used to inform policy decisions and economic analysis.