/ kəˈmɒdəti; NAmE -ˈmɑːd-/ noun ( pl. -ies )
1.
( economics ) a product or a raw material that can be bought and sold :
rice, flour and other basic commodities
a drop in commodity prices
Crude oil is the world's most important commodity.
➡ note at product
2.
a thing that is useful or has a useful quality :
Water is a precious commodity that is often taken for granted in the West.
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WORD ORIGIN
late Middle English : from Old French commodite or Latin commoditas , from commodus convenient.