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elastic (adj.)

1650s, formerly also elastick, coined in French (1650s) as a scientific term to describe gases, "having the property of recovering its former volume after compression," from Modern Latin elasticus, from Greek elastos "ductile, flexible," related to elaunein "to strike, beat out," which is of uncertain origin; according to Watkins from an extended form of the PIE base *ele- "to go."

Applied to solids from 1670s, "having the power of returning to the form from which it is bent, etc., as soon as the applied force is removed." Figurative use by 1859. The noun meaning "piece of elastic material," originally a cord or string woven with rubber, is from 1847, American English.

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Definitions of elastic from WordNet
1
elastic (n.)
a narrow band of elastic rubber used to hold things (such as papers) together;
Synonyms: rubber band / elastic band
elastic (n.)
a fabric made of yarns containing an elastic material;
2
elastic (adj.)
capable of resuming original shape after stretching or compression; springy;
a youthful and elastic walk
an elastic band
elastic (adj.)
able to adjust readily to different conditions;
an elastic clause in a contract
Synonyms: flexible / pliable / pliant
From wordnet.princeton.edu