Meaning of ELASTIC in English
[adjective] - (esp. of material) able to stretch and be returned to its original shape or size, or (figurative) (of arrangements, ideas, etc.) not fixed and able or likely to be changedA lot of sports wear is made of very elastic material.(figurative) The project has only just started so any plans are still very elastic.(figurative) In this country, where time is an elastic concept, there is no such thing as a timetable.Elastic band is UK for rubber band.See at rubber (SUBSTANCE).
Cambridge English vocab. Кембриджский английский словарь. 2012