INELASTICITY Meaning and
Definition
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Inelasticity refers to the characteristic or property of an object or system that does not exhibit a significant change in response to external forces acting upon it. It is a term used in various fields, including physics, economics, and finance. In each context, inelasticity refers to a lack of responsiveness or flexibility to external influences.
In physics, inelasticity describes the behavior of materials that do not undergo a significant change in shape or size when subjected to external forces. These materials tend to retain their original form and dimensions, indicating a lack of elasticity. For instance, when a substance or object is deformed by an external force and fails to regain its original shape upon removal of the force, it is considered inelastic.
In economics, inelasticity refers to the low or limited responsiveness of the quantity demanded or supplied of a good or service to changes in its price. This implies that the demand or supply curve is relatively steep, indicating that a change in price does not result in a proportionate change in quantity. Inelastic goods or services typically have few substitutes or are considered necessities, leading to a less responsive market.
In the realm of finance, inelasticity is observed in investments or financial instruments that do not exhibit significant price fluctuations in response to changes in market conditions or other external factors. An inelastic investment can be less susceptible to market volatility, making it a potentially stable option in certain situations.
Overall, inelasticity refers to the lack of responsiveness or inflexibility of an object, system, demand, supply, or market to external influences, whether in the physical, economic, or financial context.
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The want of elastic power.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for INELASTICITY
- unelasticity
- jnelasticity
- knelasticity
- onelasticity
- 9nelasticity
- 8nelasticity
- ibelasticity
- imelasticity
- ijelasticity
- ihelasticity
- inwlasticity
- inslasticity
- indlasticity
- inrlasticity
- in4lasticity
- in3lasticity
- inekasticity
- inepasticity
- ineoasticity
Etymology of INELASTICITY
The word "inelasticity" is derived from the root word "elastic", which originates from the Latin word "elasticus" meaning "flexible" or "resilient". The prefix "in-" in English serves as a negation, therefore "inelastic" describes something that is not elastic or lacks elasticity. The suffix "-ity" is used to form nouns, indicating the quality or state of being inelastic. Hence, "inelasticity" refers to the state or quality of lacking elasticity or being inflexible.
Similar spelling words for INELASTICITY
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