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Glite Dictionary
🧦 Like rubber 🔄 Flexibly adjusts 📉 Strong response
elastically

elastically

7.0
In a way that makes prices change a lot when people want something more or less
  • adverb
  • /ɪˈlæstɪkli/
  • Specialized
translation icon : elásticamente
  • Prices in the technology sector often react elastically to shifts in consumer interest.

Examples

  • The supply of the product adjusted elastically when market conditions changed.

  • The demand for luxury goods tends to react elastically to changes in consumer income.

  • In response to the new tax, consumer demand dropped elastically across several industries.

  • The market responded elastically to the price changes.

  • Prices adjust elastically based on supply and demand.

  • Consumer prices often change elastically in response to fluctuations in demand.

  • When the economy improves, employment levels typically rise elastically in various sectors.

How Responsive

elastically
  • Specialized
7.0
inelastically
  • Specialized
8.8

Surface Forms

elastically positive

Morphology

elastically = elastic (semi-transparent) = elastic + ly

The form is regularly derived from 'elastic', but the economics/statistics sense is a specialized technical extension that is not fully predictable for learners.

Etymology

Elastically comes from elastic, like a rubber band that changes a lot when you pull it. So in economics, if demand or supply moves elastically, it means it 'changes a lot' when prices or conditions change.