The energy possessed by a body due to its change in position or shape is called

Potential energy is defined as the energy stored in an object due to its position or condition [1]. It is a fundamental form of energy that describes the configuration of objects within a system. Specifically, gravitational potential energy is the energy an object possesses due to its vertical position or height above a reference point. On the other hand, elastic potential energy is the energy stored in objects when their shape is changed through stretching or compression, such as in springs or rubber bands. While kinetic energy refers to the energy of motion, potential energy represents the 'stored' capacity to do work based on how an object is positioned or shaped [1]. Therefore, the energy resulting from a change in position (gravitational) or shape (elastic) is classified as potential energy.

Sources

1. [1] https://satheeneet.iitk.ac.in/article/physics/energy-and-types-of-energy/