Commodity
/kəˈmɒdəti/
Definitions
A raw material or primary agricultural product that can be bought and sold, especially one traded on an exchange.
/kəˈmɒdəti/
A raw material or primary agricultural product that can be bought and sold.
The price of coffee, a major commodity, has increased recently.
💡 Simply: Imagine a big marketplace where farmers sell their crops, like wheat or corn. These crops are commodities because people buy and sell them all the time.
👶 For kids: Things like food or oil that people buy and sell.
More Examples
Gold is a precious commodity.
How It's Used
"Oil is a vital commodity in the global market."
"Commodity prices fluctuated wildly due to geopolitical events."
From Middle French commodité, from Latin commoditas "fitness, convenience, advantage", from commodus "suitable, advantageous".
The word has been used since the 14th century, initially referring to something convenient or useful.
Memory tip
Think 'common' things traded on a market.