How flexible is your demand for a product, if the price rises or falls.

Elasticity of demand: synonyms for elasticity are flexibility, adjustability, and sensitivity.

How flexible is your demand for a product, if the price rises or falls. If the price rises, are you likely to buy much less? If so, then you are sensitive to price, so your demand is elastic, i.e., you will buy much less as price rises. This is normally true for things that you can live without.