Definition of commodity
1 : an economic good: such asa : a product of agriculture or mining <agricultural commodities like grain and corn>b : an article of commerce especially when delivered for shipment <reported the damaged commodities to officials>c : a mass-produced unspecialized product <commodity chemicals> <commodity memory chips>
2a : something useful or valued <that valuable commodity, patience>; also : thing, entityb : convenience, advantage < … the many commodities incidental to the life of a public office … — Charles Lamb>
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 in a sentence
agricultural commodities like grain and corn
Oil is a commodity in high demand.
Patience is a rare commodity.
Origin and Etymology of commodity
Middle English commoditee, from Anglo-French, from Latin commoditat-, commoditas, from commodus
First Known Use: 15th century
COMMODITY Defined for English Language Learners
Definition of commodity for English Language Learners
: something that is bought and sold
: something or someone that is useful or valued
COMMODITY Defined for Kids
Definition of commodity for Students
: something produced by agriculture, mining, or manufacture
Legal Definition of commodity
: a class of economic goods; especially : an item of merchandise (as soybeans) whose price is the basis of futures trading
Seen and Heard
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