Commercial Law-

Commercial law is the body of law that governs the broad and sometimes vague areas of business, consumer transaction, and commerce. The application of commercial law has developed a specific set of laws that apply to commercial activities, pursuits, and transactions. This arm of civil law deals with issues both simple and complex that often relate to questions of both public and private sector laws. Commercial law governs sale and distribution of goods, and proper procedure for payment of transactions.

Many nations operate under civil codes that are made of detailed statements regarding commercial law. In the United States (US), commercial law is regulated by Congress under the power granted to it to regulate interstate commerce, and by state governments under jurisdiction of police power. The commercial laws in the US were adopted from 17th century principles of the law merchant and were first incorporated into common law. The US federal government has attempted to have some form of unified commercial law in passing the Uniform Commercial Code (UCC).

Domestically, commercial laws are of interest to consumers, as the laws are usually applied to regulate consumer law. In the US, the consumer credit industry is regulated under the commercial arm of statutory law. Credit is what allows a consumer to finance a purchase over time instead of paying the entire cost at the time of the transaction. Credit cards are a common form of consumer credit used by consumers in most parts of the world. Individuals, businesses, and banks also provide this financing through mortgages and various loans.

International trade law-

Is the body of laws and agreements that governs how countries do business with each other. The economic health of many countries depends, at least in part, or the ability to import and export goods. International trade laws set out the parameters for how these trades take place. Most of the time, the laws are designed to ensure fairness to all parties, as well as to create something of a globally uniform and predictable set of rules.

There are three primary types of international trade law. The first is national: any country that makes its own internal rules about how trade will be conducted with other countries, or regulates how much of a certain resource can be exported, has created an international trade law. Second is bilateral. When two countries together agree to conduct their trade in a certain way, or to open trade freely between their borders, they create a bilateral trade agreement or trade law. Finally, countries often engage in multilateral agreement-making, which sets common rules and policies to be followed by a number of different global players.

Multilateral trade agreements are what most people think of when they think of international trade law. The World Trade Organization (WTO) and the United Nations (UN) are the two foremost organizations involved in the creation of multilateral agreements. Each group is made up of representatives from around the world who attend meetings, brainstorm ideas, and come up with proposed laws and regulations that can shape the international trade landscape. It is through these meetings that the groundwork for most international trade law is set.

Competition law-
Competition law, also known as antitrust law, consists of laws that regulate anti-competitive conduct and thus attempt to promote market competition. European Union competition law and United States antitrust law are the most influential systems of this type of regulation. Governments have always sought to control the practices of companies and other businesses at the national level, but by the 20h century competition law had become international. In response to a global economy, support and enforcement networks have formed regionally across borders.

There are three main elements in most competition law systems. The first prohibits any agreement or practice that restricts competition between businesses and free trade. Cartels or firms working in collusion that repress free trade are often the focus of this aspect of competition law. Preventing a cartel from forming is not always possible as firms rarely put such agreements to paper, but this type of law works to identify and dismantle them.

Preventing a company from establishing a monopoly is another important facet of this type of law. Competitive law seeks to restrict anti-competitive practices that might lead to a monopoly and to regulate dominant businesses from abusing their positions. Such practices can include price gouging and predatory pricing.

A third aspect of competitive law is the supervision of mergers and acquisitions. A merger or acquisition that may threaten a competitive market can be prevented outright. In most cases, a merger involving large companies will be approved only if part of the business is then divested or if other measures that ensure continued competition within the market are implemented.

a) economic system -
An economic system is a system for producing, distributing and consuming goods and services, including the combination of the various institutions, agencies, consumers, entities (or even sectors as described by some authors) that comprise the economic structure of a given society or community. It also includes how these various agencies and institutions are linked to one another, how information flows between them, and the social relations within the system (including property rights and the structure of management). A related concept is the mode of production.
The economic system involves investments, production, the allocation of economic inputs, distribution of economic outputs, land availability, households (earnings and expenditure consumption of goods and services in an economy), financial institutions and government policies. It involves a set of institutions and their various social relations.

b) Economic planning -
Economic planning refers to any directing or planning of economic activity outside the mechanisms of the market. Planning is an economic mechanism for resource allocation and decision-making held in contrast with the market mechanism, where planning refers to a direct allocation of resources. Most economies are mixed economies, incorporating elements of markets and planning for distributing inputs and outputs. The level of centralization of decision-making in the planning process ultimately depends on the type of planning mechanism employed; as such planning need not be centralized and may be based on either centralized or decentralized decision-making.
Economic planning can apply to production, investment, distribution or all three of these functions. Planning may take the form of directive planning or indicative planning. An economy primarily based on central planning is a planned economy; in a planned economy the allocation of resources is determined by a comprehensive plan of production which specifies output requirements. c) Fiscal policy-
Measures employed by governments to stabilize the economy, specifically by adjusting the levels and allocations of taxes and government expenditures. When the economy is sluggish, the government may cut taxes, leaving taxpayers with extra cash to spend and thereby increasing levels of consumption. An increase in public-works spending may likewise pump cash into the economy, having an expansionary effect. Conversely, a decrease in government spending or an increase in taxes tends to cause the economy to contract. Fiscal policy is often used in tandem with monetary policy. d) Concept of Regional Imbalance
Regional disparities are the result of our unfinished task of nation building. Thesereflect essentially the inadequacies of the development strategy followed sinceindependence and its failure to correct the distortions brought about by colonial rule. Of late, these tensions have acquired alarming proportions and are threatening to strike at the very roots of the nation state. This has brought to sharp focus the need of better understanding of the pattern of regionalization, the nature of regional imbalances and their changing structure over time. Hence, balanced regional development is necessary for the harmonious growth of federal state like India, however, presents a picture of wide regional variations, in terms of per capita income, proportion of population living below the poverty line, working population in agriculture, the percentage of urban population over total population, etc.

e) price controls –
In economics price controls can be defined as a government enforced maximum or minimum price for essential goods such as bread and housing. Maximum price is a price ceiling and a minimum price enforced by the government is a price floor.
A price control is a law passed by the government that dictates the price of a good or service. It can either put a price ceiling (saying the price cannot go above a certain point) or a price floor (saying the price cannot go below a certain point).

An example of a price ceiling is price control of gasoline in the 1970s.

An example of a price floor (albiet not a good one) is the US government's policy in the past to pay farmers not to farm certain crops in an attempt to keep the supply down and the price up.

f) microeconomic reform (or often just economic reform)-
The term microeconomic reform (or often just economic reform) refers to policies directed to achieve improvements in economic efficiency, either by eliminating or reducing distortions in individual sectors of the economy or by reforming economy-wide policies such as tax policy and competition policy with an emphasis on economic efficiency, rather than other goals such as equity or employment growth.
"Economic reform" usually refers to deregulation, or at times to reduction in the size of government, to remove distortions caused by regulations or the presence of government, rather than new or increased regulations or government programs to reduce distortions caused by market failure. As such, these reform policies are in the tradition of laissez faire, emphasizing the distortions caused by government, rather than in ordoliberalism, which emphasizes the need for state regulation to maximize efficiency.

g) Income Per Capita
A measure of the amount of money that is being earned per person in a certain area. Income per capita can apply to the average per-person income for a city, region or country and is used as a means of evaluating the living conditions and quality of life in different areas. It can be calculated for a country by dividing the country's national income by its population.