Definition of commodity noun from the Oxford Advanced Learner's Dictionary



    BrE BrE//ˈmɒdəti//
    ; NAmE NAmE//ˈmɑːdəti//
    (pl. commodities)
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  1. 1(economics) a product or a raw material that can be bought and sold rice, flour and other basic commodities a drop in commodity prices Crude oil is the world's most important commodity. Synonymsproductgoods commodity merchandise produceThese are all words for things that are produced to be sold.product a thing that is produced or grown, usually to be sold:to create/​develop/​launch a new productgoods things that are produced to be sold:cotton/​leather goods electrical goodscommodity (economics) a product or raw material that can be bought and sold, especially between countries:rice, flour and other basic commoditiesmerchandise [U] goods that are bought or sold; things that you can buy that are connected with or advertise a particular event or organization:official Olympic merchandisegoods or merchandise?Choose goods if the emphasis is on what the product is made of or what it is for:leather/​household goods. Choose merchandise if the emphasis is less on the product itself and more on its brand or the fact of buying/​selling it.produce [U] things that have been grown or made, especially things connected with farming:We sell only fresh local produce.Patterns consumer/​industrial products/​goods/​commodities household products/​goods farm products/​produce luxury products/​goods/​commodities to sell/​market a product/​goods/​a commodity/​merchandise/​produce to export a product/​goods/​a commodity/​merchandise to buy/​purchase a product/​goods/​a commodity/​merchandise/​produce
  2. 2(formal) a thing that is useful or has a useful quality Water is a precious commodity that is often taken for granted in the West.
  3. Word Originlate Middle English: from Old French commodite or Latin commoditas, from commodus ‘convenient’.Extra examples Time is a very valuable commodity. basic agricultural commodities Crude oil is the world’s most important commodity.
See the Oxford Advanced American Dictionary entry: commodity