Topic > Elasticity of demand and supply: two characteristics of...
This is because they are the end users and the producers aim to provide them with the goods and services they have requested. Let's consider two items commonly used by consumers; food and clothes. These two products largely depend on consumer choice. This means that a consumer may prefer a certain good over another. Their choice will create a high demand on the market for that specific good, and this will consequently push the producer to produce more to maintain equilibrium. During the winter season, consumers will require warm clothing to protect themselves from the freezing weather, garment industries fill the gap between supply and demand by producing heavy woolen sweaters and canvases for the people (Gorton,
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