Adam Smith’s 3 laws of economics are Law of demand and Supply, Law of Self Interest and Law of Competition. As per these laws, to meet the demand in a market economy, sufficient goods would be produced at the lowest price, and better products would be produced at lower prices due to competition. You can read about the Demand and Supply – Concepts of Economy for UPSC in the given link.
- Commission for Agricultural Costs and Prices (CACP) – UPSC Notes
- Monetary System – Types of Monetary System (Commodity, Commodity-Based, Fiat Money)
Fiscal Policy in India – Objectives, Components, Fiscal Consolidation, FRBM Act, 2003