commodity
commodity noun
/kəˈmɒdəti/
/kəˈmɑːdəti/
(plural commodities)
​ (economics) a product or a raw material that can be bought and sold
rice, flour and other basic commodities
a drop in commodity prices
Crude oil is the world's most important commodity.
basic agricultural commodities
Synonyms product
TOPICS BusinessC1, Money C1
Collocations
adjective
basic
important
primary
verb + commodity
produce
commodity + noun
market
exchange
futures
phrases
trade in commodities
2 (formal) a thing that is useful or has a useful quality
Water is a precious commodity that is often taken for granted in the West.
Time is a very valuable commodity.
Collocations
adjective
hotpreciousvaluable…
Word Origin
late Middle English: from Old French commodite or Latin commoditas, from commodus ‘convenient’.