Elastic is a band that stretches and springs back. A piece of elastic, elastic waistband, the elastic has gone.
The material is rubber threads woven into fabric, and the elastic has gone is the standard verdict on a garment past saving. As an adjective it means capable of returning to shape, and in physics elastic deformation is the kind a material recovers from, against plastic deformation, which it does not. Figuratively, elastic rules stretch to fit. Note elasticity; and an elastic band, which Americans call a rubber band.
New Latin elasticus comes from Greek elastos, ductile, from elaunein, to drive or beat out. The word was coined in the seventeenth century for the springiness of air.
French
élastique
English, today
elastic
Built from
Borrowed from French élastique. From French élastique, from New Latin elasticus (“elastic”), from Ancient Greek ἐλαστός, alternative form of ἐλατός (“ductile”) (cf. ἐλατήρ (“a driver, hurler”)), from ἐλαύνω (“to drive, set in motion, push, strike, beat out”).
Etymology from Wiktionary, CC BY-SA