Wells' Law is a principle in the field of economics that suggests that the value of a good or service is determined by its scarcity and demand. When a product is in high demand but limited in supply, its price tends to increase. Conversely, if there is an abundance of a product with low demand, its price usually decreases. This law highlights the relationship between supply and demand, which is a fundamental concept in economics. Understanding Wells' Law can help consumers and businesses make informed decisions about pricing, production, and purchasing strategies in the marketplace.