Inelastic: meaning, definitions and examples
📈
inelastic
[ɪnɪˈlæstɪk ]
Definition
economic theory
Inelastic refers to a situation in economics where the demand or supply for a good or service does not change significantly with a change in price. This means that consumers will continue to purchase nearly the same amount of a good even if its price increases or decreases. Inelastic goods are often necessities or have few substitutes, making consumer behavior less sensitive to price changes. Examples of inelastic goods include medications, basic food items, and utilities.
Synonyms
Examples of usage
- The demand for insulin is inelastic because it is a life-saving medication.
- Water has an inelastic demand since people need it to survive.
- The price of gasoline can rise, but people still need to fuel their cars, illustrating inelastic behavior.
Interesting Facts
Etymology
- The word comes from the prefix 'in-' meaning 'not', and 'elastic' which means 'able to return to its original shape'.
- It first appeared in scientific literature in the 19th century to describe materials in physics.
Physics
- Inelastic materials absorb energy when deformed but do not return to their original shape, unlike elastic materials.
- Examples include something like clay or putty, which can be shaped but doesn't bounce back.
- Inelastic collisions in physics occur when objects collide and stick together, conserving momentum but not kinetic energy.
Economics
- The term 'inelastic demand' refers to a situation where consumers will buy a product regardless of price changes, often seen with necessities.
- An example would be insulin for diabetics – people need it no matter how much it costs.
Engineering
- In civil engineering, materials like concrete are often treated as inelastic under normal conditions due to their rigid properties.
- Understanding inelastic behavior helps engineers design safer structures that can withstand loads without bending.
Everyday Life
- Common objects, like a glass or metal, are often inelastic because they don’t change their shape when you apply force.
- It's important to know the difference between elastic and inelastic materials for tasks like building or crafting.
Translations
Translations of the word "inelastic" in other languages:
🇵🇹 inelástico
🇮🇳 अस्थिर
🇩🇪 unelastisch
🇮🇩 inelastis
🇺🇦 нееластичний
🇵🇱 nieelastyczny
🇯🇵 非弾性
🇫🇷 inelastique
🇪🇸 inelástico
🇹🇷 esnek olmayan
🇰🇷 비탄력적
🇸🇦 غير مرن
🇨🇿 neelastický
🇸🇰 neelastický
🇨🇳 非弹性
🇸🇮 neelastičen
🇮🇸 ódeyfilegur
🇰🇿 серпімді емес
🇬🇪 არელასტიური
🇦🇿 elastik olmayan
🇲🇽 inelástico