adj. 1.  a.  Easily resuming original size or shape after being stretched or otherwise deformed; flexible. See Synonyms at  flexible. b.  Relating to a collision in which the total kinetic energy is conserved. 2.  Quick to recover, as from disappointment; resilient: an elastic spirit. 3.  Capable of being adapted to change or a variety of circumstances: "To say that morale is a highly unscientific and quite elastic concept would be an understatement" (Roger J. Spiller). 4.  Economics   Of, relating to, or being a good for which changes in price have a large effect on the quantity demanded or supplied. n. 1.  a.  A flexible stretchable fabric made with interwoven strands of rubber or an imitative synthetic fiber. b.  An object made of this fabric. 2.  A rubber band. [New Latin elasticus, from Late Greek elastos, beaten, ductile, variant of Greek elatos, from elaunein, to beat out.] e·lasti·cal·ly adv.  | 
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