elastisch
elastic
Describes the property of a material to return to its original shape after being stretched or deformed.
Das Gummiband ist sehr elastisch und reißt nicht so schnell.
The rubber band is very elastic and doesn't tear very quickly.

elastic / flexible
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elastic
Describes the property of a material to return to its original shape after being stretched or deformed.
Das Gummiband ist sehr elastisch und reißt nicht so schnell.
The rubber band is very elastic and doesn't tear very quickly.

The adjective 'elastisch' (elastic/flexible) belongs to the word family around 'die Elastizität' (elasticity). If a material is 'elastisch' (elastic), it has 'Elastizität' (elasticity).
Die Elastizität dieses Materials ist beeindruckend.
The elasticity of this material is impressive.
The literal meaning refers to materials like rubber or fabric. The figurative meaning describes abstract things like working hours, rules, or thinking.
Dieser Stoff ist sehr elastisch und bequem.
This fabric is very elastic and comfortable.
In its literal meaning, 'elastisch' (elastic) is often combined with nouns like 'Material' (material), 'Stoff' (fabric), 'Band' (band), or 'Kunststoff' (plastic).
Für Sportkleidung wird oft ein elastisches Material verwendet.
Elastic material is often used for sportswear.
In the figurative meaning, 'elastisch' (flexible) is often used in the combinations 'etwas elastisch handhaben' (to handle something flexibly) or 'etwas elastisch gestalten' (to make something flexible).
Die Pausenzeiten können wir zum Glück recht elastisch handhaben.
Fortunately, we can handle the break times quite flexibly.
soft
'weich' and 'elastisch' both describe how a material feels or behaves. They are easy to confuse because both sound like the opposite of hard. 'weich' mainly says: the material gives way and feels pleasant or not firm. 'elastisch' says: the material can be stretched or deformed and then returns to its old shape. A pillow is soft, but not necessarily elastic. A rubber band is elastic, even if it does not feel especially soft.

Diese Hose ist elastisch und passt sich gut beim Sitzen an.
These pants are elastic and adjust well when you sit down.
Für das Baby kaufen wir eine weiche Matte.
We’re buying a soft mat for the baby.