Economic law refers to the body of legal principles that govern economic activities and transactions. It encompasses various regulations and statutes that guide how businesses operate, including issues related to contracts, trade, and competition. Economic law aims to create a fair and efficient marketplace, ensuring that economic interactions are conducted in a lawful manner. This area of law also addresses the relationship between the government and the economy, including policies that regulate monopolies, antitrust laws, and consumer protection. By establishing rules and standards, economic law helps maintain stability and promotes growth within the market economy.