Eke's Law is a principle in economics that suggests that the value of a resource is determined by its scarcity and the demand for it. When a resource is abundant, its value tends to decrease, while scarcity can drive prices up. This law helps explain how markets function and how prices fluctuate based on supply and demand dynamics. The law is often applied to various resources, including natural resources, labor, and capital. Understanding Eke's Law can help businesses and policymakers make informed decisions about resource allocation and pricing strategies in a competitive market environment.