Aeronautics. any of certain springs or elastic tension devices, as the springs attached to movable controls of aircraft to facilitate their manipulation.

origin uncertain

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Word Origin & History

1930, "elastic rope;" used in late 19c. British schoolboy slang for "rubber eraser;" probably from notions of bouncy and spongy; first record of bungee jumping is from 1979.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
The land that invented commercial bungee jumping is a thrill-seeker's paradise.
Please note that the draw strings are in fact strings and not bungee.
Four were loaded on the donkey's back, secured in a crazy jumble by a tangle of
  plastic twine and bungee cords.
Who else would jump out of airplanes or go bungee jumping.
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