The term means that the computing resources leased can be increased or decreased dynamically in a short span of time and that organizations pay for just the resources that they use.

The term elastic means that the computing resources leased can be increased or decreased dynamically in a short span of time and that organizations pay for just the resources that they use.

Explanation:

The term elastic relates to the extent to which individuals, customers or suppliers modify their requirement or the sum received in response to changes in prices or revenues. It is mainly used as a consequence of a rise in the price of a product or service to measure the increase in market demand. While the inelastic demand or supply is one with lower than one elasticity, suggesting poor sensitivity to price swings. For an instance, coffee is an elastic product then a small price rise causes a significant drop in demand as customers start purchasing more tea rather than coffee.

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answer; collectivism;