commodity

com·mod·i·ty

noun \kə-ˈmä-də-tē\

plural com·mod·i·ties

Definition of COMMODITY

1

: an economic good: as

a : a product of agriculture or mining

b : an article of commerce especially when delivered for shipment <commodities futures>

c : a mass-produced unspecialized product <commodity chemicals> <commodity memory chips>

2

a : something useful or valued <that valuable commodity patience>; also : thing, entity

b : convenience, advantage

3

obsolete : quantity, lot

4

: a good or service whose wide availability typically leads to smaller profit margins and diminishes the importance of factors (as brand name) other than price

5

: one that is subject to ready exchange or exploitation within a market <stars as individuals and as commodities of the film industry — Film Quarterly>

Examples of COMMODITY

1. agricultural commodities like grain and corn
2. Oil is a commodity in high demand.
3. Patience is a rare commodity.

Origin of COMMODITY

Middle English commoditee, from Anglo-French commoditee, from Latin commoditat-, commoditas, from commodus

First Known Use: 15th century

Related to COMMODITY

Synonyms

being, entity, existent, individual, individuality, integer, object, reality, something, substance, thing

Related Words

body, subject; material, matter, quantity, stuff

Near Antonyms

nonentity

Other Business Terms

amortize, caveat emptor, clearinghouse, divest, due diligence, emolument, green-collar, marque, overhead, perquisite