Simple Definition of commodity
: something that is bought and sold
: something or someone that is useful or valued
Full 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>
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
agricultural commodities like grain and corn
Oil is a commodity in high demand.
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
COMMODITY Defined for Kids
Definition of commodity
: something produced by agriculture, mining, or manufacture
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