Elasticity

Part of Speech

Noun

Pronunciation

/ɪˌlæsˈtɪsɪti/

Definitions

• The ability of an object or material to return to its original shape after being stretched or compressed.
• In economics, the degree to which the quantity demanded or supplied of a good changes in response to a change in price.
• The capacity for something to adapt or recover quickly from difficult conditions or challenges.

Usage Examples

• The elasticity of rubber allows it to stretch and then return to its original form.
• The elasticity of demand for luxury goods means that a small increase in price can significantly reduce demand.
• The elasticity of the workforce is essential in adapting to new technologies and market changes.

Etymology

The word "elasticity" comes from the Greek word "elastos," meaning flexible or capable of returning to its original shape, combined with the suffix "-ity," which indicates a state or quality. The term was first used in the early 19th century, primarily in physics and material science, before being adapted into economics in the mid-19th century.

Synonyms

• Flexibility
• Resilience
• Stretchability
• Adaptability

Antonyms

• Rigidity
• Inflexibility
• Brittleness
• Stiffness

Translations

Regional Pronunciation Variations

The pronunciation of "elasticity" can vary slightly across different English-speaking regions, particularly in the stress placement. For example, in British English, the stress may be on the second syllable ("el-ASS-tic-i-tee"), while in American English, it may be placed on the third syllable ("e-LAS-tic-i-tee").

Historical Usage

The term "elasticity" first entered the scientific lexicon in the early 19th century, initially used in the context of material science to describe the property of returning to an original form after deformation. By the mid-19th century, the term began being applied to economics, particularly in relation to the demand for goods and services in response to changes in price.

Cultural Nuances

In economics, the concept of elasticity is used to describe the responsiveness of consumers and producers to changes in price. It plays a crucial role in pricing strategies and market analysis. Meanwhile, in material science, elasticity is fundamental to understanding how materials such as rubber, metals, and polymers behave under different physical conditions.

More Information

Elasticity is a critical concept in both physics and economics. In physics, it refers to the property of materials that allows them to return to their original shape after being stretched or compressed. In economics, elasticity measures the sensitivity of one variable to changes in another, such as how demand for a product changes in response to price changes. The study of elasticity in both fields helps to explain behavior under stress, be it physical or economic, and plays a pivotal role in shaping our understanding of natural and market forces.