commodity

(noun) Anything that people find, grow, or make that is then bought, sold, or traded and then typically made into a good to satisfy needs or wants.

Example: Gold that is turned into jewelery or potatoes that are cleaned, peeled, sliced and cooked into chips.

Audio Pronunciation: (com·mod·i·ty)

Download Audio Pronunciation: commodity.mp3

Usage Notes:

  • Plural: commodities
  • The terms commodity and good are often used interchangeably, but while commodities can be sold as is they are often used as raw materials to build goods.
  • Changing something that was not a commodity into a commodity is called commodification.
  • Also called:
    • primary product
    • raw material
    • trade good

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