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commodity

A Dictionary of Business and Management | 2006 | © A Dictionary of Business and Management 2006, originally published by Oxford University Press 2006. (Hide copyright information) Copyright

commodity
1. A good regarded in economics as the basis of production and exchange.

2. Any raw material or primary product.

3. A raw material traded on a commodity market, such as grain, coffee, cocoa, wool, cotton, jute, rubber, pork bellies, or orange juice (sometimes known as soft commodities) or base metals and other solid raw materials (known as hard commodities). In some contexts soft commodities are referred to as produce.

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