Commodities Meaning: Definition, Examples, and Translations
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commodities
[kษหmษdษชtiz ]
Definitions
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
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.
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| 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.
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| 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.
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| 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.
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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.
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
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.
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| 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.
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| 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.
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| 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.
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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.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
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.
Origin of 'commodities'
Main points about word origin
- 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.
The term 'commodities' originated from the Latin word 'commoditas' meaning 'convenience, advantage, benefit'. In ancient times, commodities were essential goods that were traded for survival. Over the years, the concept of commodities has evolved to include a wide range of products and services that are traded in global markets.