What are the distinctions made in the text among the terms “hypotheses,” “theories,” “laws,” and “principles”?

Please provide the best answer for the statement.

Hypotheses are propositions that are tested and used to develop economic theories. Highly reliable theories are called principles or laws. Theories, principles, and laws are meaningful statements about economic behavior or the economy that can be used to predict the likely outcome from an economic action or event. Models are created when several economic principles are used to explain or describe reality.