commodity

Meanings

• noun

  A good or service: an agricultural product or raw material; a basic economic unit of trade.

  - "Corn, wheat, and soybeans are important commodities in the agricultural industry."
  - "Gold and oil are often referred to as commodities because they are raw materials that are bought and sold on markets."

• noun

  A class of goods or services that can be bought or sold.

  - "The stock market is a major commodity exchange."
  - "Real estate can be considered a commodity because it is bought and sold as an investment."

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Rhymes

Words rhyming with commodity
modesty , plenitude , prosperity

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Variants

List of all variants of commodity that leads to same result
commodities , commodity , hot commodity

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Etymology

origin and the way in which meanings have changed throughout history.

From Old French 'commodité', from 'commoder' meaning 'to facilitate', from 'communis' meaning 'common'.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. The first known commodity exchange was established in Egypt around 2000 BC.

2. The price of gold is often used as a benchmark for the value of other commodities.

3. Commodities can be traded on futures markets, allowing buyers and sellers to enter into contracts to buy or sell a commodity at a future date and price.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Goods and services: Commodities are a type of good or service that can be bought or sold.

2. Market: Commodities are bought and sold on markets, which are places where buyers and sellers come together to trade.

3. Economics: Commodities are an important part of economics, which is the study of how resources are allocated and used to meet human needs and wants.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Commodities have been a significant part of human history, from ancient trade routes to modern global markets. They have been the subject of literature, art, and music, and have played a role in shaping civilizations and economies.

How to Memorize "commodity"

1. visualize
   

   - Imagine a basket of fruits and vegetables at a market. These are commodities being bought and sold.

2. associate
   

   - Associate the word 'commodity' with the idea of something that can be bought or sold.

3. mnemonics
   

   - Use the mnemonic 'Cows Go Moo, Commodities Are Goods That Can Be Sold' to remember that commodities are goods that can be bought or sold.

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