noun
commodity
kuh-MAH-duh-tee/kəˈmɑːdəti/
A good or resource bought and sold, often interchangeable with others of the same type.
Grain, cotton, and metal are commodities bought and sold in bulk.
Etymology
Latin commodus described something fit or convenient. The noun's meanings of benefit and useful product connect that idea of usefulness with an article of value that can be bought and sold.
In context
price fixing specifically price fixing is an agreement which can be written or verbal between competitors on the same side of a market to buy or sell a product service commodity only at a fixed price
More examples
- Coffee is a major commodity in international trade.
- A drought can raise the price of an agricultural commodity.
- Buyers often choose the cheapest supplier of the same commodity.
Forms
commodity · commodities
commodify verb — To turn something into a tradable good.
Similar words
- product
- A product is made or grown, not necessarily interchangeable.
- merchandise
- Merchandise means goods offered for sale, especially in stores.