What is exactly meant by commodity?

commodity. (obsolete) Convenience; usefulness, suitability. [15th-19th c.] Anything movable (a good) that is bought and sold. [from 15th c.] Something useful or valuable. [from 15th c.] (obsolete) Self-interest; personal convenience or advantage. [16th-19th c.]

What is the difference between "commodity" and "goods"?

is that commodity is (obsolete) convenience; usefulness, suitability while goods is (business|economics|plurale tantum) that which is produced, then traded, bought or sold, then finally consumed. Other Comparisons: What’s the difference? (obsolete) Convenience; usefulness, suitability. Anything movable (a good) that is bought and sold.

What does commodity mean in economics?

In economics, a commodity is defined as a tangible good that can be bought and sold or exchanged for products of similar value. Natural resources such as oil as well as basic foods like corn are two common types of commodities. Like other classes of assets such as stocks, commodities have value and can be traded on open markets.

What is considered as a commodity?

Commodities are essential raw materials and other basic goods that are considered uniform in quality and therefore interchangeable. Examples of commodities include oil, natural gas, metals such as steel and gold, and agricultural products including corn, wheat and sugar.