Question

what would be the real life example of an elasticity please explain??

Answer 1

Elasticity is a physical property of a material whereby the material returns to its original shape after having been stretched out or altered by force.

Almost all materials do have elastic nature. Substances that display a high degree of elasticity are termed "elastic."

Rubber bands and elastic and other stretchy materials display elasticity

Metals, in fact, exhibit a number of interesting characteristics with regard to elasticity. With the notable exception of cast iron, metals tend to possess a high degree of ductility, or the ability to be deformed beyond their elastic limits without experiencing rupture. Up to a certain point, the ratio of tension to elongation for metals is high: in other words, a high amount of tension produces only a small amount of elongation. Beyond the elastic limit, however, the ratio is much lower: that is, a relatively small amount of tension produces a high degree of elongation.
Because of their ductility, metals are highly malleable, and, therefore, capable of experiencing mechanical deformation through metallurgical processes, such as forging, rolling, and extrusion.

Forging is the process of forming and shaping metals through the use of hammering, pressing or rolling. Forged products are widely used in valves and machinery.

structural shapes (window frames, shower stalls, channels), tubes and pipes, and rods of various cross sections are made using extrusion.

Rolling is a process used to produce products like sheet metals

hence, without the elastic property of materials, most of the products used in day to day life may not have been possible.

PS: I answered the question in mechanical engineering point of view. elasticity is a term used in economics also.