Noun: elasticity i,las'ti-su-tee or ee,las'ti-su-tee
- The tendency of a body to return to its original shape after it has been stretched or compressed
"the waistband had lost its elasticity";
- snap
- The quality of being adaptable or variable
"he enjoyed the elasticity of his official contract";
- flexibility, flexibleness
- (economics) a measure of how responsive demand or supply is to price changes
"Luxury goods show high price elasticity"
Derived forms: elasticities
Type of: adaptability, physical property
Antonym: inelasticity
Encyclopedia: Elasticity