Part of Speech

noun

Pronunciation

/kəˈmɒdəti/

Definitions

• A raw material or primary agricultural product that can be bought and sold, such as gold, coffee, or grain.
• An item or service that is interchangeable with others of the same type and has economic value.
• A valuable quality or characteristic.

Usage Examples

• Gold and oil are two examples of highly traded commodities.
• The commodity market is often influenced by international supply and demand.
• In some countries, water is considered a valuable commodity.

Etymology

From Middle French "commodité" (meaning convenience, comfort), from Latin "commoditas" (meaning suitability, convenience), from "commodus" (meaning suitable, convenient). The sense of "a raw material or article of trade" developed in the late 16th century.

Synonyms

• product
• goods
• merchandise
• item
• asset

Antonyms

• luxury
• rarity
• specialty
• unique item

Translations

Regional Pronunciation Variations

• In American English, it is commonly pronounced as /kəˈmɑː.dɪ.ti/.
• In British English, the pronunciation may lean more towards /kəˈmɒ.dɪ.ti/.

Historical Usage

The term "commodity" has been used since the 16th century, originally referring to general goods or products of commerce. By the 18th century, it was specifically associated with raw materials and agricultural products that were traded in markets.

Cultural Nuances

In modern economics, commodities refer to basic goods used in commerce that are interchangeable with other goods of the same type. The term has gained importance in global markets, especially as economies rely on the trade of primary products like oil, gold, and grains.

More Information

Commodities play a critical role in the global economy as they are essential for production processes and consumer goods. The value of commodities can fluctuate based on factors like supply and demand, geopolitical issues, and weather conditions. Commodity trading is often used as a means of investment and hedging risk in volatile markets.