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We examine volume-limited samples from the SDSS galaxies to look for relations among internal and collective physical parameters of galaxies as faint as M_r=- 17.5, which include morphology, luminosity, color, color gradient, concentration, size, velocity dispersion, equivalent width (EW) of H_alpha line,axis ratio, the luminosity and velocity dispersion functions. At fixed morphology and luminosity, we find that bright (M_r<-20) early-types show very small dispersions in color, color gradient, concentration, size, and velocity dispersion. These dispersions increase at fainter magnitudes, where the fraction of blue early-types increases. Late-types show wider dispersions in all physical parameters compared to early types at the same luminosity. Concentration indices of early-types are well-correlated with velocity dispersion, but are insensitive to luminosity and color for bright galaxies. The slope of the Faber-Jackson relation continuously changes from 4.6 +- 0.4 to 2.7+- 0.2 when luminosity changes from M_r = -22 to -20. The size of early- types is well-correlated with stellar velocity dispersion (for >100 km/s). We find that passive spirals are well-separated from star-forming late-types at EW (H_alpha) of about 4. An interesting finding is that many physical parameters of galaxies manifest different behaviors across the absolute magnitude of about M_* +- 1. The morphology fraction as a function of luminosity depends less sensitively on large scale structure than the luminosity function (LF) does, and thus seems to be more universal. The effects of internal extinction in late-types on the completeness of volume limited samples and on the LF and morphology fraction are found to be very important. (abridged)