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inelastic

C2
adjective

Pronunciation

UK

  • /ɪnɪlˈɑːstɪk/

US

  • /ˌɪnəˈlæstɪk/

Description

Imagine a rubber band. You can pull it, stretch it, and it snaps back into shape. Now imagine trying to do that with something stiff, like a thick piece of plastic. It hardly changes. That is the difference between something elastic and something inelastic. An inelastic thing does not stretch, bend, or respond much when force or pressure is applied.

In economics, the word often describes demand for essential goods like medicine or gasoline. Even if the price goes up, people still need them, so the amount people buy does not change very much. A stiff material can be inelastic because it does not give way easily. Beliefs can be inelastic too; deeply held views are often hard to change, even when new information appears.

Examples

  1. 1

    Materials

    This bandage is strong but inelastic, so it doesn't stretch around the joint.

  2. 2

    Deadlines

    The deadline is inelastic, so we need the final draft by Friday.

  3. 3

    Economic demand

    Demand for basic medicine is relatively inelastic, even when prices rise.

    • Domain

      inelastic demand

      demand that does not change much when the price changes

  4. 4

    Housing supply

    Housing supply is often inelastic in the short term, so prices can rise quickly when demand increases.

Forms and spellings

1 form open this card.

Main spelling

  • inelasticadjective