Commodity meaning

/kəˈmɑː.də.t̬i/ C1. a substance or product that can be traded, bought, or sold: The country's most valuable commodities include tin and diamonds.

1. What is the simple definition of commodity?
2. What is a commodity example?
3. What are 5 examples of commodities?

What is the simple definition of commodity?

A commodity is a basic good used in commerce that is interchangeable with other goods of the same type. Commodities are most often used as inputs in the production of other goods or services.

What is a commodity example?

Commodities are raw materials used to create the products consumers buy, from food to furniture to gasoline or petrol. Commodities include agricultural products such as wheat and cattle, energy products such as oil and natural gas, and metals such as gold, silver and aluminum.

What are 5 examples of commodities?

Energy products include crude oil, natural gas, and gasoline. Precious metals include gold, silver, and platinum. Agricultural products include wheat, corn, soybeans, and livestock. Other commodities you can trade are coffee, sugar, cotton, and frozen orange juice.