Commodity

Definition

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.

See Also

• http://www.investopedia.com/terms/c/commodity.asp

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.