What is an elastic property?

Hint: A property by the virtue of which a material regains its original shape and size after removal of the deforming force is called elasticity. Each material has different levels of elasticity. The substances that have a higher order of elasticity are called to be elastic.

Complete answer:
A property by the virtue of which a material regains its original shape and size after removal of the deforming force is called the elasticity or the elastic property. The elastic limit is the maximum stress or the force per unit area that a material or a substance can be applied with before it becomes permanently deformed. Each material or substance will have different values of the elastic limit.
The extension is directly proportional to the force. The expression of the same is, \[F=-k\Delta x\].
Where ‘F’ is the force, ‘\[\Delta x\]’ is the extension and ‘k’ is the proportionality constant (spring constant).
According to Hooke’s law, the stress is directly proportional to the strain. Where strain refers to change in dimension (length, angle or volume) and stress refers to the force applied to a surface (the cause of the change).
The elastic modulus is a coefficient that relates stress to the strain.
\[\therefore \]The elastic property is the property of a material by the virtue of which it regains its original shape and size after removal of the deforming force.

Additional information:
 Basically there are 3 types of stress associated with the three types of moduli. They are Young’s modulus, Shear modulus and the Bulk modulus. In the case of Young’s modulus, stress is normal to the opposite faces and the strain is the length. In the case of shear modulus, the stress is tangential to the opposite faces and strain is tangent. Similarly, in the case of bulk modulus, the stress is normal to all faces and the strain is volume.

Note:
The substances that have a higher degree of elasticity compared to others are called elastic. The SI unit applied to elasticity is the Pascal (Pa) and is used to measure the modulus of deformation and elastic limit.