Entry 2 senses Webster, 1913 Inelastic /ĭnˌ-əl-ăs'-tĭk/ · In·e·las·tic · IPA /ˌɪnəˈlæstɪk/ 01 a. Not elastic. 1. Not elastic. 2. reacting little to changing price; -- of demand; as, Potatoes have an inelastic demand.(Economics)