The ability of an object or material to resume its normal shape after being stretched or compressed; stretchiness. The elasticity of the rubber band allowed it to stretch around the large bundle of papers.
The ability of something to change and adapt; flexibility. The elasticity of the company's policies allowed it to quickly adapt to the changing market conditions.
In economics, the degree to which a demand or supply is sensitive to changes in price or income. The elasticity of demand for luxury goods is often higher than that for necessities.