What is commodity

noun a raw material or primary agricultural product that can be bought and sold, such as copper or coffee."commodities such as copper and coffee"synonymes : item, material, type of produce, product, article, object, thing, artefact, piece of merchandise, import, export

What does a commodity means?

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. A commodity thus usually refers to a raw material used to manufacture finished goods.

What is an example of a commodity?

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. There are also soft commodities, or those that cannot be stored for long periods of time, which include sugar, cotton, cocoa and coffee.

What are the 3 types of commodities?

Types of Commodities\n\n Since there are so many commodities, they are grouped into three major categories: agriculture, energy, and metals.

What are the 4 commodities?

Key Takeaways. Commodities that are traded are typically sorted into four categories broad categories: metal, energy, livestock and meat, and agricultural.