commodity Definition
- 1a raw material or primary agricultural product that can be bought and sold, such as copper or coffee.
- 2a useful or valuable thing, such as water or time.
Using commodity: Examples
Take a moment to familiarize yourself with how "commodity" can be used in various situations through the following examples!
Example
Oil is the world's most important commodity.
Example
The price of commodities like wheat and corn has risen sharply.
Example
Time is a precious commodity.
Example
Clean water is a basic commodity that should be available to everyone.
commodity Synonyms and Antonyms
Phrases with commodity
a physical or virtual marketplace for buying, selling, and trading raw or primary products
Example
The commodity market for gold is very active.
commodity fetishism
the social phenomenon of ascribing value to commodities beyond their inherent use value, often leading to consumerism and overconsumption
Example
Commodity fetishism is a key concept in Marxist theory.
a type of currency whose value comes from a commodity of which it is made, such as gold or silver
Example
Historically, many societies used commodity money.
Origins of commodity
from Latin 'commodus', meaning 'convenient'
Summary: commodity in Brief
A 'commodity' [kəˈmɒdəti] is a raw material or primary agricultural product that can be bought and sold, such as copper or coffee. It can also refer to a useful or valuable thing, such as water or time. The term is often used in the context of economics and finance, exemplified by 'Oil is the world's most important commodity.' 'Commodity' extends into phrases like 'commodity market,' and concepts like 'commodity fetishism,' denoting the social phenomenon of ascribing value to commodities beyond their inherent use value.
