WordGarden.ioelasticity
C2Pronunciation
UK
- /ɪlɑːstˈɪsɪti/
US
- /ˌiˌlæsˈtɪsəti/
Meanings
Noun
the ability to stretch, bend, or compress and return to shape
the degree to which demand or supply changes when price or conditions change
flexibility or capacity to adapt to change
More meaningsFewer meanings
the ability of a computing system to scale resources with demand
Beyond the definition
Imagine a rubber band: that's elasticity in action. It's the ability of something to stretch, bend, or be pressed and then return to its original shape. But elasticity is not just about physical things. Economists use it to describe how much demand changes when the price changes. If a small price increase causes people to stop buying, that product has high elasticity. If people keep buying it anyway, that is low elasticity. Think of necessities like milk: even if the price goes up a little, people still need it. Elasticity is all about how strongly something responds to change, whether it is a rubber band or a market.
Elasticity describes the ability of something to return to its original shape after being stretched, compressed, or deformed. Think of a bouncy ball: it has high elasticity because it springs back quickly. A lump of clay, on the other hand, has low elasticity; it stays in whatever shape you mold it into.
But elasticity extends far beyond physical objects. In physics, it refers to a material's ability to resist permanent deformation and return to its original state. In economics, it is a crucial concept for understanding how supply and demand interact. Price elasticity of demand, specifically, measures how much the quantity demanded of a good changes in response to a change in its price.
- High Elasticity: A small change in price leads to a large change in demand (like luxury goods: if the price goes up too much, people may simply buy something else).
- Low Elasticity: A change in price has little effect on demand (like essential medicines: people need them regardless of cost).
You might also hear about elasticity of supply, which measures how much the quantity supplied changes when the price changes.
So, whether you're talking about a rubber band snapping back into shape or predicting consumer behavior in response to market forces, elasticity is all about responsiveness and the ability to recover from change. It is a fundamental property that governs everything from materials science to economic theory.
Examples
- 1
Fabric
This fabric has enough elasticity to stretch without losing its shape.
- 2
Skin aging
As we age, our skin gradually loses some of its elasticity.
- 3
Workplace flexibility
The manager gave the team a little elasticity in setting their start times.
- Patternelasticity in + decision/process
freedom to change something within limits
- 4
Budget planning
We need some elasticity in the budget in case costs rise later.
More examplesFewer examples
- 5
Economics
Economists say demand for luxury goods often shows high price elasticity.
- Domainprice elasticity
how much demand changes when the price changes
See also
Similar
- resilience
- springiness
- stretchiness
Shades of meaning
- flexibility
- pliability
Contrast
Used with (collocations)
- elasticity of rubber
- high elasticity
- lose elasticity
Word family
- elastic
- elastically
Explore
- tensile strength
- deformation
Forms and spellings
2 forms open this card.
Main spelling
- elasticitynoun
Forms
- elasticitiespluralnoun