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commodity

n.
US //kəˈmɑdəti// UK //kəmˈɒdɪti// com·mod·i·ty
  1. 1 raw materials (n.)
    B2 Upper Intermediate Academic Science

    a raw material or agricultural product that can be bought and sold, such as copper, coffee, or oil.

    a raw material or primary agricultural product that can be bought and sold in large quantities on specialized exchanges.

    Example

    The country's economy depends heavily on the export of oil, its main commodity.

    Example

    Fluctuations in global commodity prices, particularly for wheat and corn, can have immediate and devastating effects on food security in developing nations.

    Usage

    Often used in the plural when referring to the market as a whole.
  2. 2 something useful (n.)
    C1 Advanced Formal

    something that is useful or valued.

    a useful or valuable thing; often used metaphorically for abstract concepts like time or information.

    Example

    In a busy office, silence is a very rare and precious commodity.

    Example

    In the digital age, personal data has become a highly sought-after commodity for advertisers and tech giants alike.
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  1. 3 standardized goods (n.)
    C1 Advanced Technical Academic Math

    a product that is the same no matter who produces it, making it easy to trade.

    a mass-produced, unspecialized product that is interchangeable with others of the same type, typically leading to low profit margins.

    Example

    The company struggled because their product became a commodity and they had to lower prices.

    Example

    As personal computers became a commodity, manufacturers were forced to compete almost exclusively on price rather than unique features.
Origin

From Middle English commoditee, from Anglo-Norman commoditee, from Latin commoditās.

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