Inelastic

Part of Speech

Adjective

Pronunciation

/ɪnɪˈlæstɪk/

Definitions

• Not elastic; incapable of returning to its original shape after deformation.
• In economics, referring to a situation where the demand for a good or service does not change significantly when its price changes.
• Referring to a material or substance that does not easily stretch or change shape under stress.

Usage Examples

• The inelastic nature of the material made it unsuitable for use in flexible products.
• The inelastic demand for essential goods means that price changes have little effect on consumer purchasing behavior.
• The inelastic response of the market to the price hike surprised economists.

Etymology

The word "inelastic" is formed from the prefix "in-" meaning "not" and "elastic," which comes from the Greek "elastikos," meaning "able to return to its original shape." The term has been used since the early 19th century in both physical and economic contexts.

Synonyms

• Rigid
• Inflexible
• Unyielding
• Non-resilient
• Unbending

Antonyms

• Elastic
• Flexible
• Resilient
• Bendable
• Stretchable

Translations

Regional Pronunciation Variations

• In American English, the pronunciation tends to emphasize the second syllable more than in British English.
• In British English, the word is pronounced with clearer articulation on both syllables.

Historical Usage

The term "inelastic" has been used in both physical and economic contexts since the 19th century. In economics, it refers to a market condition where demand remains relatively unchanged despite price fluctuations. The physical definition, describing materials that do not return to their original shape, has been a staple in the study of materials science and engineering.

Cultural Nuances

In many economic contexts, the term "inelastic" is associated with necessities or essential goods, where people continue to purchase them despite price increases. In contrast, luxury goods tend to be more elastic, with demand decreasing when prices rise.

More Information

The concept of inelasticity has significant applications in economics and material science. In economics, understanding inelastic demand is crucial for businesses and governments when setting prices or taxes on goods and services. In material science, inelastic materials are often used in products where flexibility is not required, such as construction materials and some electronic components.