Meaning & Definition of word "Commodity"
Commodity
/kəˈmɒdəti/
noun:
- 1. A basic good used in commerce that is interchangeable with other goods of the same type.
- Example: Oil is a valuable commodity that drives many economies.
- 2. An article of trade or commerce.
- Example: Wheat is a staple commodity that is traded globally.
- 3. A raw material or primary agricultural product that can be bought and sold.
- Example: Copper has become a highly sought-after commodity in the electronics industry.
- 4. Anything that is useful or valuable.
- Example: Time is a precious commodity that many people struggle to manage.
Etymology
●From Latin commodus, meaning 'convenient, suitable'.
Common Phrases and Expressions
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.
Related Words
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.
Slang Meanings of commodity
Meaning: Street value of something.
● Example Sentence: That old bike is worth a lot on the commodity market.
Meaning: Something basic or essential in a certain context.
● Example Sentence: In this city, public transportation is a real commodity.