Elasticity
ˌiːlæˈstɪsɪti
Definitions
2 meaningsThe physical property of a material that enables it to return to its original dimensions after being subjected to stress or deformation.
ˌiːlæˈstɪsɪti
The ability of a material to return to its original shape or size after being stretched or compressed.
The material's elasticity allowed it to absorb the impact of the fall.
💡 Simply: Imagine a bouncy ball. When you squeeze it, it goes back to its round shape, right? Elasticity is how much something can stretch or change and then go back to its normal form. It's like the magic of a rubber band!
👶 For kids: Elasticity means how much something can stretch and go back to its regular shape, like a rubber band.
More Examples
Economists study price elasticity to understand consumer behavior.
The elasticity of demand is influenced by factors like the availability of substitutes.
How It's Used
"The elasticity of a rubber band allows it to stretch and return to its original shape."
"Engineers consider the elasticity of steel when designing bridges."
In economics, elasticity refers to the degree to which demand for a good or service changes in response to changes in its price, income, or other factors.
ˌiːlæˈstɪsɪti
The responsiveness of demand for a good or service to changes in price.
The company analyzed the price elasticity of its products before launching a sale.
💡 Simply: Imagine if the price of your favorite candy bar goes up. Would you buy less of it? If yes, then the demand for the candy bar is elastic. This term also explains how much something changes when the price changes.
👶 For kids: When the price of something goes up or down, does the amount people buy change a lot? That's elasticity!
More Examples
The elasticity of supply for agricultural goods is often quite low in the short term.
Economists use elasticity to predict how changes in tax rates will affect government revenue.
How It's Used
"The price elasticity of demand for gasoline is relatively low."
"Understanding elasticity helps businesses set optimal pricing strategies."
From the Greek word 'elastikos' (meaning 'capable of being driven'), derived from 'elaunein' (to drive, set in motion). It entered English in the late 18th century, initially in the context of physics, referring to the ability of a material to return to its original shape after deformation.
The term's usage in physics pre-dates its widespread adoption in economics, reflecting the initial focus on physical properties of materials.
Memory tip
Think of stretching a rubber band – it *elastic*ally returns to its original shape. *Elasticity* is the measure of this ability.
Word Origin
"capable of being driven or stretched"