commodity meaning

EN[kəˈmɑdəti] [kəˈmɒdəti]
  • In economics, a commodity is a marketable item produced to satisfy wants or needs. Economic commodities comprise goods and services.
  • The exact definition of the term commodity is specifically used to describe a class of goods for which there is demand, but which is supplied without qualitative differentiation across a market.
  • In contrast, one of the characteristics of a commodity good is that its price is determined as a function of its market as a whole. Well-established physical commodities have actively traded spot and derivative markets.
  • Part-of-Speech Hierarchy
    1. Nouns
      • Countable nouns
    Related Links:
    1. en commodity meat
    2. en commodity market
    3. en commodity markets
    4. en commodity exchange
    5. en commodity exchanges
    Source: Wiktionary

    Meaning of commodity for the defined word.

    Grammatically, this word "commodity" is a noun, more specifically, a countable noun.
    Difficultness: Level 3
    Easy     ➨     Difficult
    Definiteness: Level 8
    Definite    ➨     Versatile