The exponential decay law describes the process by which a quantity decreases at a rate proportional to its current value, often expressed mathematically as $$N(t) = N_0 e^{-kt}$$, where $$N(t)$$ is the quantity at time $$t$$, $$N_0$$ is the initial quantity, $$k$$ is the decay constant, and $$e$$ is Euler's number. This law is fundamental in understanding how radioactive materials decay over time, emphasizing that the rate of decay is constant relative to the amount of substance remaining.