WordValecommodity
a raw material traded in bulk, like oil or wheat
In more detail
1. (noun) a basic product or raw material that is bought and sold in large quantities, such as oil, wheat, or coffee
2. (noun) any product or thing that can be bought and sold
Examples
- 1. Oil is one of the most important commodities traded on international markets.
- 2. In modern society, time has become a valuable commodity.
How to use commodity
Commodity refers to standardized goods that are traded in large quantities and typically have a basic value independent of brand or producer; it can refer either to raw materials (oil, metals, agricultural products) or more broadly to any tradeable product. The term is most common in financial and economic contexts, and often carries a sense of fungibility—that units are interchangeable. In the second sense, it sometimes carries a slightly critical tone suggesting something has become merely a sellable object.
Common phrases
- commodity market
- commodity prices
- primary commodity
- commodity trading
- commodity exchange
- bulk commodity
Synonyms
good · product · article · merchandise · raw material
Opposites
service
Word family
commodities (plural) · commodification (noun) · commodify (verb)
A common mistake
Learners sometimes confuse commodity with commodity goods or treat it as synonymous with service; remember that commodities are tangible products, not services.
Save this word in WordVale and it comes back for review right before you'd forget it — with pronunciation, real examples, and optional translations. One purchase, no subscription.
Get WordValeFREE 7-DAY TRIAL · iPHONE & iPAD