The Elves and the Shoemaker
The original story is the first of three fairy tales, contained as entry 39 in the German Grimm's Fairy Tales under the common title "Die Wichtelmänner". In her translation of 1884 Margaret Hunt chose The Elves as title for these three stories.
Plot summary 
There are variations depending on the rendition of the story.
A poor shoemaker and his wife need money to pay the rent. He gives away the last pair of shoes he has to a needy lady. He has leather to make one more pair of shoes. Elves come in the night and make a pair of shoes which he sells for more than his asking price the next day. He uses that money to pay the rent, buy food and more shoe leather. He feeds a poor traveller.
The elves come the next night and make two pairs of shoes with the additional leather. He gives away one pair to a needy person and sells the other pair to a referral from the first customer who is immensely satisfied.
He buys leather for three shoes, and stays up to find the elves making the shoes. The shoemaker and wife make clothes for the elves the next day, but the elves are lifted from their obligation when given clothes, so the elves leave, and the shoemaker and his wife never see them again.
In popular culture 
The 1956 Looney Tunes cartoon short Yankee Dood It is based on this fairy tale, with Elmer Fudd as the king of industrial elves. 150 years after this fairy tale took place, he visits the shoemaker to retrieve the elves he has employed, while also imparting the virtues of mass production capitalism to him. The same basic plot was also used in the 1946 cartoon short Holiday for Shoestrings.
In Cinderella: From Fabletown with Love, a spinoff miniseries of the Vertigo comic-book series Fables, the shoemaker appears as an employee in Cinderella's shoe store, while the elves are the builders and suppliers of the store's inventory.
Muppet Classic Theater had a version where a shoemaker (played by Kermit the Frog) faces ruin until his livelihood is saved by a group of philanthropic entertainers (played by The El-vises) who, naturally, make only blue suede shoes.
In the tv show Supernatural, the season 6 episode Clap Your Hands If You Believe has a variation of the tale, of a watchmaker and some fairies.
In Jane Shields and Rosemary Doyle's The Shoemaker and the Pantomimes Cinderella goes looking for elves to help her father in his obligation to the evil designer Kenneth Coal, but all she ends up with are Mimes, a resourceful mother Twanky, and an even more resourceful cat. Premiered Red Sandcastle Theatre, Toronto, 2012.