elasticity
UK: ˌiːlæˈstɪsəti | US: ˌiːlæˈstɪsəti
n. the ability of a material to return to its original shape after being stretched or compressed
n. (economics) the responsiveness of demand or supply to changes in price or income
n. (figurative) adaptability or flexibility in behavior or thought
The word "elasticity" derives from the Greek elastos ("ductile, flexible"), via Latin elasticus. The root "elastic" entered English in the 17th century, originally describing physical stretchiness (e.g., rubber bands). The suffix "-ity" (from Latin -itas) forms abstract nouns indicating a state or quality. The term later expanded metaphorically to economics (19th century) and abstract adaptability.
The elasticity of the rubber band allows it to snap back into place.
Price elasticity measures how demand changes with cost fluctuations.
Her mental elasticity helped her adapt to unexpected challenges.
The fabric’s elasticity makes it ideal for athletic wear.
Economists study income elasticity to predict consumer behavior.