elasticity
//ˌiː.læsˈtɪs.ɪ.ti//
Noun
1
The property of a material or object that allows it to return to its original shape after being stretched, compressed, or deformed.
The elasticity of the rubber band allows it to stretch and return to its original shape.
2
The ability to adapt or recover quickly from difficulties, changes, or setbacks; flexibility.
The company's elasticity allowed it to adapt quickly to market changes.
3
(Economics) A measure of how much the quantity demanded or supplied of a good changes in response to a change in price or other factors.
The price elasticity of demand for luxury goods tends to be high.