Commodities: meaning, definitions and examples

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commodities

[kəˈmɒdɪtiz ]

Definitions

^{Context #1 | Noun}

economic trading

Commodities are raw materials or primary agricultural products that can be bought and sold, such as gold, oil, wheat, and coffee. They are often traded on exchanges and their prices can fluctuate based on supply and demand.

Synonyms

goods, merchandise, products.

Which Synonym Should You Choose?

Word	Description / Examples
commodities	Used to describe raw materials or primary agricultural products that can be bought and sold, such as gold, oil, or coffee. Often used in economic and trading contexts. Gold and silver are considered valuable commodities The global market for agricultural commodities fluctuates frequently
goods	A general term for items that are produced for sale, which can include raw materials, manufactured items, and everything in between. Typically used in both everyday language and business. The store sells a variety of goods, including clothing and electronics They imported a large shipment of goods from China
products	Refers to items that are manufactured or refined for sale. It emphasizes the end result of a production process and is frequently used in marketing and business. The company launched a range of new products this year They are known for their high-quality skincare products
merchandise	Often refers to products that are available for sale, especially in a retail context. It can also have a slightly commercial or promotional connotation. The new merchandise is displayed at the front of the store He bought some official merchandise from his favorite band

Examples of usage

Many investors choose to invest in commodities to diversify their portfolios.
The price of commodities like oil can have a significant impact on the global economy.

^{Context #2 | Noun}

general use

Commodities can also refer to goods or services that are interchangeable with others of the same type. For example, in the digital age, data has become a valuable commodity.

Synonyms

assets, resources, valuables.

Which Synonym Should You Choose?

Word	Description / Examples
commodities	This term is typically used in an economic or trading context to refer to basic goods that are interchangeable with other goods of the same type, like oil, grain, or metals. The prices of commodities like wheat and oil fluctuate daily. She invests in commodities because they are essential in trade.
assets	This term is used in financial or business settings to refer to anything valuable owned by a person or entity, such as cash, property, or intellectual property. The company's assets include real estate and machinery. Her financial advisor suggested diversifying her assets.
resources	This term is often used more broadly to refer to something that can be used to support or achieve a goal, including natural, human, or financial elements. Natural resources like water and minerals are essential for development. Educational resources for teachers are now available online.
valuables	This term is mostly used in everyday context to refer to personal items of great worth, such as jewelry, cash, or collectibles. It often carries a connotation of personal value and can sometimes imply a need to protect these items. He keeps his valuables in a safe deposit box. Tourists are advised to keep their valuables secure.

Examples of usage

In the information age, personal data has become a commodity traded by companies.
Time is a valuable commodity that should be used wisely.

Interesting Facts

Etymology

The term comes from the Latin word 'commoditas,' which means 'suitability or convenience.'
The word evolved in the 15th century, originally referring to the quality of being useful or beneficial.

Economics

Commodities are often divided into two types: hard commodities (natural resources like gold and oil) and soft commodities (agricultural products like wheat and coffee).
Prices of commodities can fluctuate based on supply and demand, causing markets to rise and fall.
Commodity trading can be a significant part of the economy, affecting everything from food prices to inflation rates.

Cultural Impact

In ancient times, barter systems relied heavily on the trade of commodities, such as grains and livestock.
Different cultures have unique commodities; for example, spices were precious in history and sparked global trade routes.
The concept of commodities has led to modern trade agreements between countries, impacting international relations.

Environmental Factors

The extraction and production of commodities can have significant impacts on the environment, leading to concerns about sustainability.
Agricultural commodities often drive land use decisions, influencing deforestation and habitat loss.

Technological Advances

With advances in technology, digital commodities like data and information have become valuable assets in today's economy.
The rise of cryptocurrency has introduced new forms of commodities in the digital marketplace, changing traditional trading methods.

Translations

Translations of the word "commodities" in other languages:

🇵🇹 commodities

🇮🇳 वस्तुएं

🇩🇪 Rohstoffe

🇮🇩 komoditas

🇺🇦 товари

🇵🇱 towary

🇯🇵 商品

🇫🇷 marchandises

🇪🇸 mercancías

🇹🇷 mallar

🇰🇷 상품

🇸🇦 سلع

🇨🇿 komodity

🇸🇰 komodity

🇨🇳 商品

🇸🇮 blago

🇮🇸 vörur

🇰🇿 тауарлар

🇬🇪 კომოდიტები

🇦🇿 mallar

🇲🇽 mercancías

Word Frequency Rank

Ranking #3,447, this word is part of upper-intermediate vocabulary. While not among the most basic terms, it appears often enough to be valuable for advanced communication.

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3444 ethnic
3445 wearing
3446 detection
3447 commodities
3448 flying
3449 symbol
3450 comfortable
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