Elastiteetti

Elastiteetti is a Finnish term that translates to elasticity in English. It refers to the ability of a material or a system to return to its original shape or state after undergoing deformation. This property is crucial in various scientific and economic contexts.

In physics and materials science, elasticity describes how a solid material responds to an applied force. When a stress is applied, the material deforms. If the stress is removed and the material reverts to its original form, it is considered elastic. The degree of elasticity is often quantified by the elastic modulus, which relates stress to strain. Materials that do not return to their original shape after deformation are said to be plastic.

In economics, elasticity measures the responsiveness of one economic variable to a change in another. The most common example is price elasticity of demand, which indicates how much the quantity demanded of a good changes in response to a change in its price. Similarly, price elasticity of supply measures how the quantity supplied responds to price changes. Other economic elasticities include income elasticity of demand and cross-price elasticity of demand. Understanding elasticity helps businesses and policymakers make informed decisions.