Elasticity can refer to many things. The primary definition is related to physics. It is energy that is stored in an object while the object is being twisted, stretched, or compressed. There is elasticity in things we come across every day.
One example is a rubber band. Think when you stretch a rubber band, it can go back to its standard shape. This stretching is how elastic energy is produced. Other examples that are like rubber bands are balloons and springs. As long as they are not overstretched, they can return to its natural shape. Elastic energy can also occur when a muscle stretches in the body.
