commodity[kə mäd′ə tē]
- The definition of a commodity is something that can be traded, or any useful thing.
- Corn bought and sold to make high fructose corn syrup is an example of a commodity.
- Fast running speed is an example of an athlete's commodity.
- any useful thing
- anything bought and sold; any article of commerce
- basic items or staple products, as of agriculture or mining
- Archaic personal advantage
Origin of commodityMiddle English and amp; Old French commodite, benefit, profit ; from Classical Latin commoditas, fitness, adaptation ; from commodus: see commode
- Something useful that can be turned to commercial or other advantage: “Left-handed, power-hitting third basemen are a rare commodity in the big leagues” (Steve Guiremand).
- A product or service that is indistinguishable from ones manufactured or provided by competing companies and that therefore sells primarily on the basis of price rather than quality or style.
- Archaic Advantage; benefit.
Origin of commodityMiddle English commodite, from Old French, convenience, from Latin commoditās, from commodus, convenient; see commodious.
- Anything movable (a good) that is bought and sold. [from 15th c.]
- Something useful or valuable. [from 15th c.]
- And Slade said: "It really makes me sad that football club chairmen and boards seem to have lost that most precious commodity - patience. "Sam's sacking at Newcastle had, I suppose, been on the cards for a while, but it is really ridiculous to fire a manager after such a short time. Somerset County Gazette on Jan. 14th, 2008.
- 1621, Robert Burton, The Anatomy of Melancholy, NYRB 2001, vol. 1 p. 321:
- they commonly respect their own ends, commodity is the steer of all their actions [...].
- (economics) Raw materials, agricultural and other primary products as objects of large-scale trading in specialized exchanges.
- The price of crude oil is determined in continuous trading between professional players in World's many commodities exchanges.
- (marketing) Undifferentiated goods characterized by a low profit margin, as distinguished from branded products.
- Although they were once in the forefront of consumer electronics, the calculators have become a mere commodity.
- (Marxism) Anything which has both a use-value and an exchange-value.
commodity - Investment & Finance Definition
Products that can be traded on a commodities exchange, for example, agricultural products, metals, petroleum, gasoline, heating oil, and natural gas. The term commodity may refer to physical products, such as oil, gasoline, or building supplies that are purchased in the cash market that have nothing to do with a futures exchange. The term can also refer to the fact that over time, as more companies enter a market, competition drives prices down, resulting in a product moving from being profitable to being little more than a commodity.
commodity - Legal Definition