Definition, Meaning & Synonyms
elasticity
noun
/ɪˌlæs.tɪˈsɪ.ti/
Definition
Elasticity is the ability of a material or object to return to its original shape after being stretched or compressed.
Examples
- The elasticity of rubber allows it to stretch and then go back to its initial form.
- In economics, the elasticity of demand helps businesses understand how changes in price could affect their sales.
Meaning
In economics, elasticity refers to the responsiveness of demand or supply to changes in price or other factors.
Synonyms
- flexibility
- resilience
- adaptability
