elasticity

noun
elas·​tic·​i·​ty | \ i-ˌla-ˈsti-sə-tē How to pronounce elasticity (audio) , ˌē-ˌla-, -ˈti-stē\
plural elasticities

Definition of elasticity

1 : the quality or state of being elastic: such as
a : the capability of a strained body to recover its size and shape after deformation : springiness
c : the quality of being adaptable
2 : the responsiveness of a dependent economic variable to changes in influencing factors elasticity of demand price elasticity

Examples of elasticity in a Sentence

Recent Examples on the Web

This oil’s blend of Argan, jojoba, rose and camellia oil stimulates collagen production and improves elasticity. Kaitlyn Frey, PEOPLE.com, "The Beauty Products Khloé Kardashian Uses in Her Current Skincare Lineup," 27 Aug. 2019 This delivers a dose of light energy that enhances collagen production and improves your skin’s overall elasticity. Braelyn Wood, Health.com, "This FDA-Approved Light Therapy Device Is the Easiest Way to Reduce Wrinkles and Signs of Aging at Home," 19 July 2019 Zaman Skincare will be discounting a few of your favorite items at 30% off including their Rise and Shine Serum that’s formulated to repair damaged skin, enhance collagen, and improve elasticity. Jennifer Ford, Essence, "Don't Miss Amazon Prime Day and These Beauty Deals," 11 July 2019 Jade rollers are said to do everything from sculpting, toning, and firming skin to boosting circulation, enhancing glow, reducing puffiness, minimizing fine lines, improving elasticity, detoxifying, and helping skincare products penetrate better. April Franzino, Good Housekeeping, "Do Jade Rollers Actually Work? Here's the Truth," 20 May 2019 Cooper’s ability to convey the elasticity and potential of the domestic space in her rhetoric made for energetic, persuasive prose. Hannah Giorgis, The Atlantic, "How Black Suffragettes Subverted the Domestic Sphere," 18 Aug. 2019 This is a story that supplants a fictional moralistic binary with a more realistic take on the elasticity of identity. Soraya Roberts, Longreads, "Won’t You Be My Neighbor: An Anti-Hate Pop Culture Syllabus," 9 Aug. 2019 Our skin cells have a natural moisturizing factor (NMF), which helps maintain skin elasticity and prevent lips from chapping and cracking, Talakoub explains. Talia Abbas, SELF, "We Asked Derms How to Keep Dry Lips Moisturized During Winter and Here’s What They Told Us," 11 Dec. 2018 There are some benefits to using the texturing in persons who have thin tissues or poor elasticity of the skin. Naseem S. Miller, orlandosentinel.com, "Textured breast implant recall: What you need to know," 7 Aug. 2019

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'elasticity.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of elasticity

1664, in the meaning defined at sense 1

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Statistics for elasticity

Last Updated

12 Sep 2019

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Time Traveler for elasticity

The first known use of elasticity was in 1664

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More Definitions for elasticity

elasticity

noun

Financial Definition of elasticity

What It Is

Elasticity is a measure of how much the quantity demanded of a service/good changes in relation to its price, income or supply.

How It Works

If the quantity demanded changes a lot when prices change a little, a product is said to be elastic. This often is the case for products or services for which there are many alternatives, or for which consumers are relatively price sensitive. For example, if the price of Cola A doubles, the quantity demanded for Cola A will fall when consumers switch to less-expensive Cola B.

When there is a small change in demand when prices change a lot, the product is said to be inelastic. The most famous example of relatively inelastic demand is that for gasoline. As the price of gasoline increases, the quantity demanded doesn't decrease all that much. This is because there are very few good substitutes for gasoline and consumers are still willing to buy it even at relatively high prices.

Why It Matters

Elasticity is important because it describes the fundamental relationship between the price of a good and the demand for that good.

Elastic goods and services generally have plenty of substitutes. As an elastic service/good's price increases, the quantity demanded of that good can drop fast. Example of elastic goods and services include furniture, motor vehicles, instrument engineering products, professional services, and transportation services.

Inelastic goods have fewer substitutes and price change doesn't affect quantity demanded as much. Some inelastic goods include gas, electricity, water, drinks, clothing, tobacco, food, and oil.

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To learn more about specific types of elasticity, see the following:

Income Elasticity of Demand: the responsiveness of quantity demanded to a change in income.
Price Elasticity of Demand (PED): the responsiveness of quantity demanded to a change in  price.
Elasticity of Supply: the responsiveness of the quantity supplied to a change in price.

Source: Investing Answers

elasticity

noun
elas·​tic·​i·​ty | \ i-ˌla-ˈsti-sə-tē How to pronounce elasticity (audio) \

Kids Definition of elasticity

: the quality or state of being easily stretched

elasticity

noun
elas·​tic·​i·​ty | \ i-ˌlas-ˈtis-ət-ē, ˌē-ˌlas-, -ˈtis-tē How to pronounce elasticity (audio) \
plural elasticities

Medical Definition of elasticity

: the quality or state of being elastic

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