Elastic components are parts of a system that can stretch or compress in response to changes in load or pressure. They are commonly used in engineering and design to absorb shock, reduce vibrations, and maintain structural integrity. Examples include springs, rubber bands, and certain types of materials like silicone. In the context of software development, elastic components refer to systems that can dynamically adjust their resources based on demand. This is often seen in cloud computing, where services can scale up or down to accommodate varying workloads, ensuring efficiency and cost-effectiveness.