Definition of commodity noun from the Oxford Advanced American Dictionary

      

    commodity

     noun
    noun
    NAmE//kəˈmɑdət̮i//
     
    (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. Thesaurusproductgoods 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/sporting goodscommodity (economics) a product or raw material that can be bought and sold, especially between countries:rice, flour, and other basic commoditiesmerchandise goods that are bought or sold; things that you can buy that are connected with or that 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 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. 2a thing that is useful or has a useful quality Water is a precious commodity that is often taken for granted in the West.
See the Oxford Advanced Learner's Dictionary entry: commodity