What are key laws to understand in Economics? What is the formula for each?

Law of Demand: This law states that as the price of a good or service increases, the demand for that good or service will decrease.

Law of Supply: This law states that as the price of a good or service increases, the quantity supplied will increase.

Law of Diminishing Marginal Utility: This law states that as a consumer consumes more of a good or service, the marginal utility (the satisfaction gained from consuming one additional unit) decreases.

Law of Diminishing Returns: This law states that as more of a factor of production is added, the marginal product (the increase in the total output due to one additional unit of the factor of production) decreases.

Law of Comparative Advantage: This law states that a country will benefit from specializing in producing goods or services for which it has a comparative advantage over other countries.

Law of Increasing Opportunity Cost: This law states that as more of a good or service is produced, the opportunity cost (the cost of the next best alternative foregone) increases.

Law of Supply and Demand: This law states that the price of a good or service is determined by the interaction of the supply and demand

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