elasticity Definition
- 1the ability of an object or material to resume its normal shape after being stretched or compressed
- 2the ability of something to change and adapt easily to different circumstances
Using elasticity: Examples
Take a moment to familiarize yourself with how "elasticity" can be used in various situations through the following examples!
Example
The elasticity of the rubber band allowed it to stretch without breaking.
Example
The company's success was due to its ability to maintain elasticity in the face of changing market conditions.
Example
The elasticity of demand for luxury goods means that people will still buy them even if the price increases.
elasticity Synonyms and Antonyms
Synonyms for elasticity
Antonyms for elasticity
Idioms Using elasticity
to use something beyond its intended capacity or limits
Example
We need to be careful not to stretch the elasticity of our budget too far.
the subjective experience that time can seem to pass more quickly or slowly depending on one's state of mind or the activity being performed
Example
When I'm doing something I enjoy, like playing video games, I lose track of time and feel like the elasticity of time has expanded.
the idea that space can be stretched or compressed, as in science fiction or theoretical physics
Example
In science fiction, the concept of the elasticity of space is often used to explain faster-than-light travel.
Phrases with elasticity
a measure of the responsiveness of the quantity demanded of a good or service to a change in its price
Example
The price elasticity of demand for cigarettes is high, meaning that people are very sensitive to changes in their price.
a measure of the responsiveness of the quantity demanded of a good or service to a change in income
Example
The income elasticity of demand for luxury cars is high, meaning that people buy more of them as their income increases.
a measure of the responsiveness of the quantity supplied of a good or service to a change in its price
Example
The elasticity of supply for wheat is low, meaning that farmers cannot easily increase production in response to higher prices.
Origins of elasticity
from New Latin 'elasticitas', from Latin 'elasticus', meaning 'flexible'
Summary: elasticity in Brief
The term 'elasticity' [ɪˌlæsˈtɪsəti] refers to the ability of an object or material to return to its original shape after being stretched or compressed. It also denotes the ability of something to change and adapt easily to different circumstances. Examples include the elasticity of a rubber band and the elasticity of demand for luxury goods. Phrases like 'price elasticity of demand' and idioms like 'stretch the elasticity of something' further illustrate the concept.
