elastic

adjective

1. able to spring back to its original size, shape, or position after being stretched, squeezed, flexed, expanded, etc.; flexible; springy
2. able to recover easily from dejection, fatigue, etc.; buoyant: an elastic temperament
3. readily changed or changing to suit circumstances; adaptable: elastic regulations
4. Econ. responding to changes in price: said of the demand for, or supply of, particular goods or services

noun

1. an elastic fabric made flexible by strands of rubber or a rubberlike synthetic running through it
2. a band, garter, etc. of this material
3. a rubber band