From Longman Business Dictionaryinelasticin‧elas‧tic /ˌɪnɪˈlæstɪk◂/ adjective ECONOMICS used to say that a change in something, for example, the price of a product, makes another thing, for example the demand for it, change by only a small amountCoffee is a fairly inelastic commodity, which means lower prices don’t significantly increase consumption. —inelasticity noun [uncountable]the relative inelasticity of supply for housing → price inelastic
