Hysteresis is the dependence of the state of a system on its history.

Hysteresis can be a dynamic lag between an input and an output that disappears if the input is varied more slowly.

Elastic hysteresis

In the elastic hysteresis of rubber, the area in the centre of a hysteresis loop is the energy dissipated due to material internal friction.

A simple way to understand it is in terms of a rubber band with weights attached to it. If the top of a rubber band is hung on a hook and small weights are attached to the bottom of the band one at a time, it will get longer. As more weights are loaded onto it, the band will continue to extend because the force the weights are exerting on the band is increasing. When each weight is taken off, or unloaded, the band will get shorter as the force is reduced. As the weights are taken off, each weight that produced a specific length as it was loaded onto the band now produces a slightly longer length as it is unloaded. This is because the band does not obey Hooke’s law perfectly. (Wikepedia)