Word: Commodity
Definition:
A "commodity" is a basic good or product that can be bought and sold. These are usually raw materials or primary products that are used to make other goods. Common examples include things like oil, gold, coffee, or wheat.
Usage Instructions:
You can use "commodity" when talking about products that are traded in large amounts, especially in markets. It often refers to items that are not unique and can be found in many places, making them interchangeable.
Examples:
1. "Oil is a valuable commodity that affects the global economy." 2. "Farmers grow various commodities, such as corn and soybeans, to sell in the market."
Advanced Usage:
In financial contexts, "commodity" can refer to items traded on exchanges, where their prices fluctuate based on supply and demand. For example, "The price of gold is often seen as a safe haven commodity during times of economic uncertainty."
Word Variants:
- Commodities (plural): Refers to multiple types of goods. Example: "The commodities market is booming with agricultural products." - Commodity-like (adjective): Describes something that resembles a commodity. Example: "The technology has become commodity-like, with many companies offering similar products."
Different Meanings:
While "commodity" primarily refers to goods in commerce, it can also refer more generally to something that is useful or valuable in a broader sense, such as "time" or "information" being seen as valuable commodities in modern society.
Synonyms:
- Goods - Products - Merchandise - Raw materials
Idioms and Phrasal Verbs:
While there aren't specific idioms or phrasal verbs that directly use "commodity," you may come across phrases like: - "Liquid commodity" (referring to commodities that can be easily traded or exchanged) - "Commodity trading" (the buying and selling of commodities in markets)
Summary:
In summary, a "commodity" is an essential product that is bought and sold in markets, often used to create other goods.