Definition of: elastic

(i·las′tik) adjective
1. Spontaneously returning to a former size, shape, or configuration after being altered from it; springy; accommodating.
2. Capable of quick recovery, as from misfortune or depression; buoyant.
3. Increasing or diminishing readily in response to a changing stimulus, demand, or other causative influence: an elastic price, one that soars or drops quickly owing to sudden variations in demand.
4. Capable of expansion and contraction, as a gas; flexible.
—noun A strip, cord, or piece of india rubber or of webbing made elastic by india-rubber threads woven therein, used as a band, suspender, etc.; specifically, a garter. [<NL elasticus <Gk. elastikos driving, propulsive <elaunein drive]
—e·las′ti·cal·ly adverb