commodity
/kə'mɔditi/
Definition
- Noun:
- An article of trade or commerce: A raw material or primary agricultural product that can be bought and sold, especially in large quantities.
- Something useful or valuable: A useful or valuable thing, quality, or service.
Examples of Usage
- Noun:
- Oil is a globally traded commodity.
- Clean water is a precious commodity in many parts of the world.
- The company's main commodities are wheat and corn.
Advanced Usage
Commodity as an abstract concept: Can refer to a personal quality treated as a thing to be bought, sold, or traded.
- In the modern job market, specialized skills have become a valuable commodity.
"Commodity market": The organized trading of primary products.
- He works as a trader on the commodity market.
Variants and Related Words
Commoditize (verb): To turn something into a commodity, making it interchangeable with other products of the same type.
- Technology has commoditized many consumer goods.
Commodification (noun): The process of treating something as a mere commodity.
- There is concern about the commodification of art.
Synonyms
- Good
- Product
- Merchandise
- Asset
Related Phrases
Staple commodity: A basic and essential good.
- Rice is a staple commodity in many Asian countries.
Commodity price: The market price of a raw material.
- Fluctuations in commodity prices affect the economy.
Noun
-
articles of commerce
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