Answer to Question #318187 in Economics of Enterprise for Faith

Question

Explain in appropriate detail, the different ways in which law can respond to economic demands and problems.

Answer 1

Law can respond to economic demands by creating competent commercial laws that improve the overall business climate.

Law can be used to enforce policies necessitated by economic demands, for instance creating legislation on sustainability in the economy.

Law can be applied as a corrective mechanism for economic problems hitting a nation. For instance, the US Congress legislated several Acts in relation to the economic problems brought about by the global pandemic.