Explain the laws of supply and demand from the perspective of the consumer (demand) and the perspective of the producer (supply). Provide, explain, and give local or personal examples for two determinants for both supply and demand.

The correct answer to this open question is the following.

Although there are no options attached we can say the following.

The explanation of the laws of supply and demand from the perspective of the consumer (demand) and the perspective of the producer (supply) is the following

In the Capitalists economic system, investors and entrepreneurs took risks when invested their money to create their companies. They let supply and demand established the prices of goods and services. The free market is ideal for them.

For the consumer, the demand is the number of people that ask for a determined product in the market. The more people demand a certain product, the price of this product could be higher if product is not enough.

From the perspective of the producer, if too many people demand the product, the producer can charge more when selling the product to the public. But if consumers are not demanding the product and there is plenty of this product, producers have to reduce the price of the product so people could be interested in purchasing it.

A simple example is winter clothes in summer and summer clothes in winter. Nobody is going to ask for a snow jacket in the summertime, so this product won't be available or is going to be relatively cheap because the weather is hot. On the other hand, during winter, that product would be expensive because a lot of people are going to be interested in purchasing one. And as nobody will ask for short pants, these are going to be cheap.

the scientific revolution brought us a renewed understanding of humanity and our place in the universe, new scientific equipment, and new laws as a basis for future scientific discovery.