elasticity

Vocabulary Word

Definition

'Elasticity' is the ability of something to return to its original size and shape after being stretched or compressed. It's used in science to describe materials, but also in economics to explain how much supply or demand change when prices do.

Examples in Different Contexts

In impact evaluations, 'elasticity' can illustrate program effectiveness. An evaluation specialist might declare, 'Evaluating the elasticity of program interventions on outcomes enables us to assess the adaptability and responsiveness of our initiatives to community needs.'

Practice Scenarios

Economics

Scenario:

The oil prices seem to be fluctuating wildly again. What's the expected impact on consumer demand for fuel-efficient cars?

Response:

Elasticity of demand for fuel-efficient cars generally increases whenever oil prices rise, so we expect sales to surge.

Creative

Scenario:

How adaptable is our new design in various contexts and applications?

Response:

Our new design has been made with elasticity in mind. It works effectively across different platforms and mediums.