Elastic a. : Springing back; having a power or inherent property of returning to the form from which a substance is bent, drawn, pressed, or twisted; springy; having the power of rebounding; as, a bow is elastic; the air is elastic; India rubber is elastic.

Elastic a. : Able to return quickly to a former state or condition, after being depressed or overtaxed; having power to recover easily from shocks and trials; as, elastic spirits; an elastic constitution.

Elastic n. : An elastic woven fabric, as a belt, braces or suspenders, etc., made in part of India rubber.

Example:
How to make Elastic on clothes give out?

Taxonomy
elasticity, price, elastic, products, consumers, economics, price elasticity of demand, quantity, rises, price increase, free encyclopedia, slope of a curve, service, quantity demanded, Arc elasticity, substitute, short term, long term.

Defination from the web:
... A good or service is considered to be highly elastic if a slight change in price leads to a sharp change in the quantity demanded or supplied. ...