commodity

Everyday

1. (money) A product or raw material that is bought and sold, such as wheat, oil, coffee, gold or copper. tree →
2. Something useful or valuable that people want (time is a precious commodity). tree →

In the lessons

In geography and economics lessons, countries trade commodities; prices of commodities like oil and wheat go up and down and affect what we pay in shops. In everyday talk people say things like «patience is a rare commodity». It tells the reader we are talking about goods for trade or something valuable. Phrases: «commodity prices», «a precious commodity».

Examples

• Coffee is one of the most traded commodities in the world. tree →
• Oil is an important commodity. tree →
• When commodity prices rise, food can cost more. tree →
• Water is a precious commodity in the desert. tree →
• Gold and silver are traded as commodities. tree →
• In the busy morning, time is a rare commodity. tree →

Note

Countable: a commodity, commodities (y changes to ies). Say «kuh-MOD-ih-tee». Not the same as «commode» (an old cabinet or a chair with a toilet pot).