Crossword Genius

A commodity extensively used (7)

Ross

I believe the answer is:

elastic

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'a commodity' is the definition.
The answer and definition can be both man-made objects as well as being singular nouns.
Maybe there's an association between them I don't understand?

I can't explain the rest of the clue.

Can you help me to learn more?

(Other definitions for elastic that I've seen before include "Like some bands" , "Kind of band" , "Scale it (anag.)" , "Tape containing flexible rubber" , "Able to give a bit" .)

I've seen this clue in The Globe and Mail.
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