Commodity Meaning and Definition from WordNet (r) 2.0

commodity n : articles of commerce [syn: trade goods, goods]

Commodity Meaning and Definition from Webster's Revised Unabridged Dictionary (1913)

Commodity \Com*mod"i*ty\, n.; pl. Commodities. [F. commodit['e], fr. L. commoditas. See Commode.]
1. Convenience; accommodation; profit; benefit; advantage; interest; commodiousness. [Obs.] Drawn by the commodity of a footpath. --B. Jonson. Men may seek their own commodity, yet if this were done with injury to others, it was not to be suffered. --Hooker.
2. That which affords convenience, advantage, or profit, especially in commerce, including everything movable that is bought and sold (except animals), -- goods, wares, merchandise, produce of land and manufactures, etc.
3. A parcel or quantity of goods. [Obs.] A commodity of brown paper and old ginger. --Shak.

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Commodity is a term with distinct meanings in both business and in Marxian political economy. For the former, it is a product, that is traded solely on the basis of price. For Marxian political economy it means wares offered for exchange.

In the world of business, a commodity is an product, good or service that is traded based solely on its price, rather than quality and features. Examples include: electricity (most users of electric power are only concerned with energy consumption; only a minority of users are concerned with the quality and technical details of voltage and frequency deviations, wheat, bulk chemicals such as sulfuric acid, metals, and even orange juice.

In the original and simplified sense, commodities were things of value, of uniform quality, that were produced in large quantities by many different producers; the items from each different producer are considered as of the same value.

[See more about Commodity at Dictionary 3.0 Encyclopedia]

* Advice is the only commodity on the market where the supply always exceeds the demand. - Unknown

* Few men are willing to brave the disapproval of their fellows, the censure of their colleagues, the wrath of their society. Moral courage is a rarer commodity than bravery in battle or great intelligence. Yet it is the one essential, vital quality for those who seek to change a world which yields most painfully to change. - Robert F. Kennedy

* New knowledge is the most valuable commodity on earth. The more truth we have to work with, the richer we become. - Kurt Vonnegut


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