noun · academic
elasticity
UK/ˌiːlæsˈtɪsəti/US/ˌiːlæsˈtɪsət̬i/e·LAS·TIS·ti·ty
the ability of something to return to its original shape after being stretched or bent; in economics, the responsiveness of demand or supply to changes in price
Examples
“Rubber has high elasticity, which makes it useful for seals.”
“Economists study price elasticity to predict how consumers react to tax increases.”
“Urban planners value the elasticity of labour supply when considering policy changes.”
Band 8 sentence
“Understanding the elasticity of demand is crucial for policymakers who want to predict the social impact of tax changes.”
Collocations
- price elasticity
- high elasticity
- measure elasticity
Word family
Common mistakes
The demand elasticity is low.→The price elasticity of demand is low.
This material is very flexible, it has high elasticity.→This material is very flexible and has high elasticity.
Say it for a higher band
5flexibility→6adaptability→7+elasticity
Synonyms
flexibility
Easily confused
flexibility
“The company's flexibility in scheduling helped employees, while the market's elasticity determined price sensitivity.”
Related words
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In -ity
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