Kemp's Law is a principle in the field of economics that suggests that the value of a good or service is determined by the cost of its production. This law emphasizes the relationship between supply and demand, indicating that prices will adjust based on the costs incurred by producers. The law is named after William Kemp, an economist who contributed to the understanding of market dynamics. By focusing on production costs, Kemp's Law helps explain how changes in resource availability or technology can impact pricing and market behavior.