Definition of “elastic” - English Dictionary

“elastic” in British English

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elasticadjective

uk /iˈlæs.tɪk/ us /iˈlæs.tɪk/

An elastic material is able to stretch and be returned to its original shape or size:

A lot of sportswear is made of very elastic material.

able or likely to be changed:

The project has only just started so any plans are still very elastic.
In this country, time is an elastic concept.

elasticnoun [ U ]

uk /iˈlæs.tɪk/ us /iˈlæs.tɪk/

a type of rubber that is able to stretch and be returned to its original shape or size:

His trousers were held up with a piece of elastic.

(Definition of “elastic” from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)

“elastic” in American English

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elasticadjective

us /ɪˈlæs·tɪk/

(of a material) able to stretch and be returned to its original shape or size:

She bunched her ponytail and slipped on an elastic hair band.

If something that is not a physical object is elastic, it is able or likely to be changed:

Our plans are still very elastic.

(Definition of “elastic” from the Cambridge Academic Content Dictionary © Cambridge University Press)

“elastic” in Business English

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elasticadjective

uk /ɪˈlæstɪk/ us

ECONOMICS relating to a situation in which the number of products sold changes in relation to the product's price:

We're seeing the elastic effect of lower component prices encouraging demand for PCs.
Your problem is that you are in an exceptionally elastic market and your prices are simply not the lowest.
Luxury goods are price elastic.

able to change when conditions change:

International law must be elastic enough to meet new conditions created by change and progress in the world.

(Definition of “elastic” from the Cambridge Business English Dictionary © Cambridge University Press)