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:

  1. Gold that is turned into jewelry.
  2. 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

Additional Information:

Related Terms: 

 


Works Consulted

Black, John, Nigar Hashimzade and Gareth Myles. 2010. A Dictionary of Economics. 3rd ed. New York: Oxford University Press.

Bruce, Steve, and Steven Yearley. 2006. The SAGE Dictionary of Sociology. Thousand Oaks, CA: SAGE.

Law, Jonathan, ed. 2010. A Dictionary of Accounting. 4th ed. New York: Oxford University Press.

Princeton University. 2010. WordNet. (http://wordnet.princeton.edu/wordnet/).

Turner, Bryan S., ed. 2006. The Cambridge Dictionary of Sociology. Cambridge: Cambridge University Press.

Wikipedia contributors. (N.d.) Wikipedia, The Free Encyclopedia. Wikimedia Foundation. (https://en.wikipedia.org/).

 

How to Cite the Definition of Commodity

ASA – American Sociological Association (5th edition)

Bell, Kenton, ed. 2013. “commodity.” In Open Education Sociology Dictionary. Retrieved December 16, 2018 (https://sociologydictionary.org/commodity/).

APA – American Psychological Association (6th edition)

commodity. (2013). In K. Bell (Ed.), Open education sociology dictionary. Retrieved from https://sociologydictionary.org/commodity/

Chicago/Turabian: Author-Date – Chicago Manual of Style (16th edition)

Bell, Kenton, ed. 2013. “commodity.” In Open Education Sociology Dictionary. Accessed December 16, 2018. https://sociologydictionary.org/commodity/.

MLA – Modern Language Association (7th edition)

“commodity.” Open Education Sociology Dictionary. Ed. Kenton Bell. 2013. Web. 16 Dec. 2018. <https://sociologydictionary.org/commodity/>.