commodity
kuh-MAH-dih-tee
/kəˈmɑː.də.t̬i/
A raw material or primary agricultural product that can be bought and sold, such as copper or coffee.
Implies standard quality where units are largely interchangeable on open markets.
The story behind the word. From Old French commodité (benefit, convenience), from Latin commoditas (fitness, proportion). By the 16th century, the English sense shifted from convenience to physical trade goods.
Word relationships
- merchandise: Merchandise refers to finished retail goods, whereas commodity usually means raw materials or standard fungible items.
- specialty: A specialty item is unique and custom-tailored, unlike a uniform commodity.
Commonly confused with
- product: A product can be branded and unique, whereas a commodity is standardized and interchangeable regardless of who produced it.
Word family
- commodify (verb): To turn something into a marketable item.
- commodification (noun): The transformation of goods or services into commodities.
Collocations
- valuable commodity
- commodity market
- staple commodity
Example sentences
- "Crude oil remains the most heavily traded commodity in the global economy." Financial Markets
- "In modern consumer culture, even leisure time is bought and sold like a marketable commodity." Sociological Theory
Memory hook
COM-MOD-ity: Common Goods standardly MODified and sold in massive batches. Interchangeable raw goods for trade.
When not to use
Do not use for unique, handcrafted artwork or customized non-standardized services.
Fun facts
- Pork bellies and orange juice were among the earliest agricultural futures commodities traded on public exchanges.
Related words
Explore more words
Commodities, raw materials, commodification, commodify, supply chain, commercialize
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