Agency Dictionary
commodity
nounPronunciation: /kəˈmɒdɪti/
In Portuguese: commodity
Economics & FinanceWhat does “commodity” mean?
A basic primary good, agricultural staple, or raw material that is interchangeable with other goods of the same type.
Etymology
From Anglo-French and Middle French commodité, "benefit, convenience", from Latin commoditas, "fitness, advantage", from commodus, "suitable, convenient", formed from com- ("with") and modus ("measure"). In late Middle English the word meant convenience or profit. The sense "article of trade" grew out of "useful thing" in the following centuries, and the narrower modern sense, a standardized raw good traded in bulk and interchangeable with others of its kind, belongs to the vocabulary of markets and economics.
Usage note
In business writing the word is also used figuratively for any product that buyers no longer tell apart from its competitors, so that price becomes the only difference.
Synonyms
- staple
- raw material
- primary good
- merchandise
- ware
Often confused with
- commodious
- Commodious means roomy and comfortable; it keeps the older idea of convenience and has nothing to do with traded goods.
Word family
- commodify
- commodification
- commoditize
- commodious
- accommodate
Rhymes with
- oddity
Usage examples
Because what was rare, expensive, and hard to find today (a novelty), is usually common and cheap in the future (a commodity).
Concepts
- AI-Native EconomyAn AI-native economy is an emerging macroeconomic paradigm where automated machine intelligence, generative models, and algorithmic agents form the core operational…
- CommodificationCommodification is the economic process by which distinctive goods, services, or unique ideas become standardized and widely traded commodities in mass markets. Through…
- Scarcity PrincipleThe scarcity principle is an economic tenet asserting that goods and resources possessing limited supply relative to widespread desire hold higher trade value and command…
- Specialty CommodityA specialty commodity is a high-grade variation of a standard primary good distinguished by unique geographical provenance, superior processing methods, or eccentric…
- Spice Trade DynamicsSpice trade dynamics refer to the historical economic and geopolitical forces that established globe-spanning mercantile networks, monopolies, and conflicts over scarce…
- Vertical ThinkingVertical thinking is a sequential, analytical cognitive approach that moves step-by-step toward a single logically validated solution based on established data and…
Source editions
Where this entry comes from in the Agency editorial.
Words of the same theme
- Consumernoun
- An individual or group that acquires, purchases, or consumes physical or commercial goods and services for personal use. In marketing, consumers are studied for purchasing patterns and brand preferences.
- Bailoutnoun
- An emergency provision of financial assistance to a failing company, bank, or economy to prevent insolvency.
- brokeragenoun
- The business, activity, or fee of a licensed broker who facilitates commercial transactions between buyers and sellers.
- Corporativismnoun
- The defence of the interests of a business class or professional group above the general interest, and the culture built around it. The word also names a political and economic system organized through corporations of employers, workers and professions.
- Deficitnoun
- The amount by which a sum of money falls short of the required or expected amount, particularly when spending exceeds revenue.
- Deflationaryadjective
- Tending to cause or associated with a general and persistent decline in price levels across an economy.
- denariusnoun
- A standard silver coin in ancient Roman currency that served as the principal denomination of daily commerce and military pay.
- Emporoinoun
- Ancient Greek merchants or maritime traders who carried goods between different city-states and overseas ports.
- fiat currencynoun
- Government-issued legal tender not backed by a physical commodity such as gold or silver.
- Incentivenoun
- A motivating factor, reward, or condition that incites or encourages an individual or business to take action.
- intangibleadjective
- Incapable of being perceived by touch or physical senses, yet possessing recognizable economic or conceptual worth.
Also from these editions: terms
- aestheticsnoun
- A set of principles concerned with the nature and appreciation of beauty, artistic taste, and style.
- baronnoun
- A member of the aristocracy, or an influential magnate exercising commanding power in a specific industry.
- caffeinenoun
- A naturally occurring central nervous system stimulant found in coffee beans, tea leaves, and cacao pods.
- cinnamonnoun
- An aromatic spice obtained from the stripped inner bark of several tree species of the genus Cinnamomum.
- eccentricadjective
- Deviating from conventional, customary, or established norms, particularly in personality, style, or flavor.
- espressonoun
- A concentrated coffee beverage brewed by forcing pressurized hot water through finely ground coffee beans.
- narrativenoun
- A spoken or written account of connected events, forming a coherent story or conceptual perspective.
- noveltynoun
- The quality of being new, original, or unusual, or a unique item that catches public fascination.
- presciencenoun
- The capacity to foresee or anticipate events before they take place, or human foreknowledge.
- slogannoun
- A memorable, catchy phrase used in marketing, politics, or advocacy to encapsulate a core message.
- spicenoun
- An aromatic or pungent vegetable substance used to flavor, color, or preserve food and beverages.
Also from these editions: concepts
- Lateral ThinkingLateral thinking is a deliberate creative problem-solving method that generates novel ideas by looking at scenarios from unorthodox angles and escaping traditional linear…
- DuneDune is a 1965 epic science fiction novel by Frank Herbert. In Issue.5, the edition describes it as a Star Wars for adults and uses its fictional spice economy to…
- Frank HerbertFrank Herbert was an American science fiction writer, author of the novel Dune (1965). Issue.5 names him three times in its passage about Dune: in the heading, in the…
- SunglassesSunglasses is a song by Sagan and Sam Russell listed in the Chords music recommendation section of Issue.5. The edition presents the song with its title and artist names…
- Aesthetic PerceptionAesthetic perception is the human faculty of apprehending, feeling, and evaluating beauty, balance, and expressive harmony within objects, art, and environments. It…
- Brand NarrativeA brand narrative is the overarching storytelling architecture through which an organization communicates its core identity, foundational values, and emotional purpose to…
- Experiential DifferentiationExperiential differentiation is a competitive business strategy that distinguishes structurally identical products or services through superior user experience, sensory…
- Idea FactoryAn idea factory is a creative and collaborative environment where creative professionals systematically generate, prototype, and refine innovative concepts into…