commodity

commodity — noun

1. A raw material or basic product that is produced in large quantities and is trad

1.nounC1
Definition

A raw material or basic product that is produced in large quantities and is traded on local or international markets, such as oil, gold, grain, or coffee.

Example

Coffee is one of the most widely traded commodities in the world.

Global demand for commodities like oil and copper continues to rise each year.

collocation: demand for commodities

Common collocations
  • agricultural commodities
  • precious commodities
  • commodity prices
  • commodity market
  • commodity trader
  • raw commodities
  • bulk commodities
Synonyms
  • goods

    broader term covering anything sold, not limited to raw materials

  • merchandise

    refers specifically to items offered for retail sale

  • raw material

    narrower — only unprocessed substances used in manufacturing

Grammar Patterns

commodity + verb

adjective + commodity

Usage Note

Typically paired with adjectives specifying the type — agricultural, precious, bulk, or soft — and often appears in the plural form when referring to the category as a whole.

Common Mistakes

My company created a new commodity that is different from all others.
My company created a new product that is different from all others.
Commodities are standardized and interchangeable; products can be differentiated.

2. A quality, characteristic, or resource that is highly valued because it is usefu

2.nounB2
Definition

A quality, characteristic, or resource that is highly valued because it is useful but often in short supply.

Example

Honesty is a rare and precious commodity in this high-pressure industry.

figurative: commodity as a scarce quality

For the refugee camp volunteers, clean drinking water became a valuable commodity.

Common collocations
  • rare commodity
  • precious commodity
  • scarce commodity
  • valuable commodity
  • fragile commodity
Synonyms
  • asset

    emphasizes financial or strategic worth

  • resource

    focuses on usefulness and availability

  • virtue

    specifically a moral quality

Antonyms
  • liability

    something that puts one at a disadvantage

  • drawback

    a negative feature that reduces value

Grammar Patterns

adjective + commodity

Usage Note

Always used with an evaluative adjective (rare, precious, valuable, scarce, fragile) — the adjective indicates why the quality is notable.

Common Mistakes

She is a commodity in the office.
Her expertise is a rare commodity in the office.
The figurative sense describes a quality, trait, or resource, not a person directly.

Word family

  • commodify
    verbC2
  • commodification
    nounC2

Synonym discussion

Sense: noun/1

"Commodity" refers to raw materials or basic agricultural products (wheat, oil, gold) that are standardized and interchangeable. "Goods" is broader, covering anything that can be bought or sold. "Merchandise" narrows to retail items — you see merchandise at a store, not crude oil. "Raw material" is unprocessed substances used in manufacturing (iron ore, cotton). "Product" is the broadest, covering anything made or produced. For example: Coffee is a commodity when traded on exchanges, merchandise when displayed in a shop, and a product when sold as packaged beans. Manufacturers buy raw materials and turn them into finished products.

goods ↗merchandise ↗raw materialproduct ↗

Common collocations

Phrases

  • treat something as a commodity
  • become a commodity

Etymology

LatinFrenchEnglish

From Latin commoditas meaning "fitness, suitability, convenience," derived from commodus (convenient, proper). The word entered English through French in the 15th century, originally meaning "benefit" or "convenience." The modern economic sense of "a tradeable good" developed in the 17th century as global trade expanded, while the figurative use for "a valued quality" appeared later.