Commodity. A basic good used in commerce that is interchangeable with other commodities of the same type
Commodities are most often used as inputs in the production of other goods or services. The quality of a given commodity may differ slightly, but it is essentially uniform across producers.
A commodity is a transportable good that may be exchanged. It may be one of a run from a production line, a unique item (Mona Lisa) or the material medium for a service (software in USB stick). This is the concept used for customs classifications.
A commodity is a raw material, e.g. foodstuff, metal ore or refined product, crude oil or oil product, for which there are normally liquid markets and which represent attractive collateral for the provision of finance.
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