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In a system as described above, the magnitude of the restoring force is a property of the spring and how much the weight was displaced. For a given spring, the magnitude of the restoring force is proportional to the displacement of the weight from the equilibrium position.
When we stretched the spring a bit by pulling the weight down, and released the weight, the spring got the weight moving back towards the equilibrium position and continued to exert extra force on it until that position was reached by the weight. At that point the inertia of the moving weight caused an overshoot of the equilibrium position, compressing the spring until the upward inertia was overcome. Of course at that point the weight is now too high, so the spring can not hold it there and the movement continues, with the weight bobbing up and down until energy losses (damping) kill the motion.
It is the mass of the weight, the "inertia factor" in this situation, that tends to slow things down. A heavy weight will bob up and down more slowly that a light one. The stiffness of the spring, the "elastic factor" in this situation, will tend to make things happen more quickly. With a stiff spring the weight will bob up and down faster than with a soft spring.
People talk about "elastic factors and "inertial factors", rather than mass and stiffness because these same ideas can be applied to systems other than masses and springs. Another example is in an electronic circuit where the role of mass is played by a property called inductance and the elastic factor is the circuit property called capacitance. It turns out that once you work out the math for the mass and spring thing you can apply the same equations to other situations where a system has a tendency to restore itself to some equilibrium position. It works not only in mechanics and electronics but also in chemistry, biology, ecology and many other applications.