Gregory Mankiw affirms that there are two main decision makers in the society that include consumers and firms. Moreover, the definition of economic terms may vary depending on the context they are used in. For instance, supply in the consumer market refers to the amount of products that producers are able to provide in the consumer market. On the other hand, demand refers to the amount of goods that consumers are willing and are able to purchase in the market. Elasticity refers to the responsiveness of changes in demand or supply due to the changes of the factors that influence them such as the price of the product. Finally, dead Weight loss refers to the loss that occurs when the equilibrium between the supply and the demand in the consumer
