WordValeelasticity
how much demand changes when price changes
In more detail
1. (noun) the ability of something to return to its original shape or size after being stretched or compressed
2. (noun) the ability to adapt or adjust easily to changes
Examples
- 1. The elasticity of rubber allows it to stretch and bounce back.
- 2. The company showed great elasticity by quickly adapting to new market demands.
How to use elasticity
Elasticity is used both in physical/material contexts (how much something deforms and bounces back) and in abstract contexts like economics and organizational behavior (capacity to adapt). In economics, it measures responsiveness of quantity demanded or supplied to price changes. The term emphasizes the dynamic quality of returning to or adapting toward equilibrium.
Common phrases
- price elasticity
- elasticity of demand
- elastic properties
- elastic band
- elastic material
- elasticity of substitution
Synonyms
flexibility · resilience · springiness · pliability · adaptability
Opposites
rigidity · stiffness · inflexibility
Word family
elastic (adjective) · elastically (adverb) · inelastic (adjective)
A common mistake
Learners sometimes confuse elasticity with flexibility; elasticity specifically implies returning to an original state or position, while flexibility is broader and includes adaptation without necessarily returning to the starting point.
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