Commodity

Part of speech: noun

Pronunciation: /kəˈmɑdəti/

Definitions

1. A raw material or primary agricultural product that can be bought and sold, such as copper or coffee
2. A basic good used in commerce that is interchangeable with other goods of the same type, including agricultural products or minerals
3. An economic item that is traded and has value in the market, such as grains, metals, or livestock

Etymology: The Latin root of "commodity" is "commodus," meaning "convenient," "suitable," or "agreeable," built from "com-" (together, with) and "modus" (measure, manner). The sense was originally about things fitting well together or suiting a purpose, so a convenient arrangement was one where everything was in proportion. The noun "commoditas" in Latin carried the idea of advantage, benefit, or convenience, and it was this sense of usefulness that first passed into English. The word reached English through Anglo-Norman "commoditee," which had itself been borrowed from Latin, and it appeared in Middle English as "commoditee." For centuries it meant something close to advantage, profit, or a useful thing, rather than a tradable good. The shift toward goods that are bought and sold came later, as the word came to describe useful items being traded. The modern commercial sense, a raw material or primary product such as copper or coffee, is therefore a narrowing of an older meaning centred on benefit and fitness. The word's history runs from an abstract notion of suitability to a concrete category of goods on the market.

Synonyms: goods, product, merchandise, item, article

Antonyms: noncommodity