C1noun5K

Commodity

UK /["/kəˈmɒdəti/"]/US /["/kəˈmɑːdəti/"]/

Definition

a product or a raw material that can be bought and sold

In simple words: A product or raw material that can be bought and sold.

Examples

  • rice, flour and other basic commodities
  • a drop in commodity prices
  • Crude oil is the world's most important commodity.
  • basic agricultural commodities
  • Water is a precious commodity that is often taken for granted in the West.
  • Time is a very valuable commodity.

Usage notes

Used in economics and trade contexts. More formal than 'product' and usually discusses things like oil, gold, or agricultural products. Avoid using in casual conversations.

Grammar pattern

commodity + noun

Memory hint

Think of 'common' in 'commodity' — these are common goods everyone trades.

Collocations

  • basic
  • important
  • primary
  • produce
  • market
  • exchange
  • futures
  • trade in commodities
  • hot
  • precious
  • valuable

Synonyms

  • good
  • product
  • article
  • asset
  • item

Antonyms

  • luxury
  • nonessential

Common mistakes

  • Confused with 'community' or 'commode'.
  • Using it to describe services rather than goods.
  • Incorrectly pluralizing to 'commoditieses'.