Commodity - Meaning, Definition & English Examples
A commodity is a raw material or primary product that can be bought or sold, such as oil, grain, or metals. It is often traded in large quantities on markets.
Definition:
A raw material or primary agricultural product that can be bought and sold, such as copper or coffee.
Synonyms:
product, goods, merchandise, staple, ware
Part of Speech:
noun
Antonyms:
luxury, specialty
Common Collocations:
commodity prices, commodity market, commodity trading, commodity exchange
Derivatives:
commoditize, commodification
Usage Tips:
Use "commodity" to refer to bulk goods traded in markets, not unique or branded items.
Common Phrases:
hot commodity, commodity fetishism
Etymology:
From Latin "commoditas," meaning convenience or advantage; evolved to mean goods for trade by the 15th century.
Examples:
- 1. Oil is a valuable global commodity.
- 2. Farmers depend on the price of agricultural commodities like wheat and corn.
- 3. Gold is often traded as a safe-haven commodity during economic crises.
- 4. The country exports several commodities, including coffee and cocoa beans.