Commodity

/kəˈmɒdəti/

Meaning & Definition

noun

A basic good used in commerce that is interchangeable with other goods of the same type.

Oil is a valuable commodity that drives many economies.

An article of trade or commerce.

Wheat is a staple commodity that is traded globally.

A raw material or primary agricultural product that can be bought and sold.

Copper has become a highly sought-after commodity in the electronics industry.

Anything that is useful or valuable.

Time is a precious commodity that many people struggle to manage.

From Latin commodus, meaning 'convenient, suitable'.

digital commodity

An item or product available for sale in digital form.

commodity market

A marketplace for buying, selling, and trading raw materials and primary products.

world commodity prices

Prices for basic goods traded on a global scale.

trade

The action of buying and selling goods and services.

market

A regular gathering of people for the purchase and sale of provisions.

economics

The branch of knowledge concerned with the production, consumption, and transfer of wealth.

Street value of something.

That old bike is worth a lot on the commodity market.

Something basic or essential in a certain context.

In this city, public transportation is a real commodity.