Able to be arranged, adjusted, or set up in different ways to suit specific needs.
From configure (Latin com- + figurare, 'shape together') + -able suffix. Figurare comes from figura (figure, shape), so configure literally means 'to shape together.'
This word became ubiquitous in computer science and software around the 1980s-90s because machines needed to be flexible—you couldn't ship one standard computer to everyone anymore, so 'configurable' became essential business language.
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