One of the terms synonymous with the field of economics is ‘Elasticity’. The term refers to the change in either the demand or supply (the other terms synonymous with economics) curve when there is a change in the price. In general, if the price increases a little for consumer goods and the consumers decrease their consumption in significant volume, the goods are considered elastic.
Inelastic is an economics term used with supply or demand related to price. Inelastic means that as the price changes, there is little to no change in the supply or demand related to that price change.