commodity

A product or material that people buy and sell.

• Coffee is an important commodity.
• The country exports several agricultural commodities.
• Rising commodity prices made everyday goods more expensive.

Similar words: product, merchandise

Common phrases: trade a commodity, valuable commodity, commodity prices

Basic materials or farm products bought and sold in large amounts on markets.

• Oil is a major commodity.
• Investors traded commodities on the international market.
• Commodity futures allow farmers to agree prices before their harvests.

Similar words: raw materials, primary products

Common phrases: commodity market, commodity trading, commodity futures

Something useful or valuable that people want or need.

• Free time is a precious commodity.
• Trust became a rare commodity after the scandal.
• In a busy city, silence can be a valuable commodity.

Similar words: asset

Common phrases: rare commodity, precious commodity, valuable commodity

A standard product that many sellers offer, with little difference between versions and little profit on each sale.

• Basic calculators are now a commodity.
• The company sells memory chips as a commodity.
• Once a product becomes a commodity, sellers compete mainly on price.

Common phrases: a mere commodity, become a commodity