You are correct, but the statement you're quoting can be easily corrected: replace "elasticity" with "The elastic limit of a material". The elastic limit is als

You are correct, but the statement you're quoting can be easily corrected: replace "elasticity" with "The elastic limit of a material". The elastic limit is also conventionally called the "yield strength". "Plastic limit" is not a real term, but if it were, it might be a synonym for "ultimate tensile strength". There's also compressive strength and shear strength.