Commodity  

From The Art and Popular Culture Encyclopedia

(Difference between revisions)
Jump to: navigation, search
Revision as of 09:18, 17 July 2007
WikiSysop (Talk | contribs)

← Previous diff
Current revision
Jahsonic (Talk | contribs)

Line 1: Line 1:
-{{Template}}A '''commodity''' is something that can be relatively easily traded, be physically delivered and be stored for a reasonable period of time. Characteristic of commodities is that their prices are determined on the basis of an active [[market]], rather than by the supplier (or other seller) on a "cost-plus" basis. Examples of commodities include minerals and [[agriculture|agricultural]] products such as [[iron ore]], [[crude oil]], [[ethanol]], [[sugar]], [[coffee]], [[aluminium]], [[rice]], [[wheat]], [[gold]], [[diamonds]] and [[silver]], and also so-called "commoditized" products such as [[personal computer]]s.+{{Template}}
- +:''[[commodity fetishism]]''
-Linguistically, the word commodity came into use in English in the 15th century, derived from the French word "[[:fr:commodité|commodité]]", meaning today's (2000) "[[convenience]]" in term of quality of services. The Latin root meaning is ''commoditas'', referring variously to the appropriate measure of something; a fitting state, time or condition; a good quality; efficaciousness or propriety; and advantage, or benefit. The German equivalent is ''die Ware'', i.e. wares or goods offered for sale. The French equivalent is "produit de base" like energy, goods, or industrial raw materials.+ 
 +In [[economics]], a '''commodity''' is an economic [[goods|good]] or [[Service (economics)|service]] that has full or substantial [[fungibility]]: that is, the [[Market (economics)|market]] treats instances of the good as equivalent or nearly so with no regard to who [[Production (economics)|produced]] them.
 + 
 +The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded [[spot market|spot]] and [[derivative (finance)|derivative]] markets. The wide availability of commodities typically leads to smaller [[profit margin|profit margins]] and diminishes the importance of factors (such as [[brand|brand name]]) other than price.
 + 
 +Most commodities are [[raw material]]s, basic resources, [[agriculture|agricultural]], or [[mining]] products, such as [[iron ore]], [[sugar]], or [[grain|grains]] like [[rice]] and [[wheat]]. Commodities can also be [[mass-produced]] unspecialized products such as [[chemical substance|chemicals]] and [[computer memory]].
{{GFDL}} {{GFDL}}

Current revision

Related e

Google
Wikipedia
Wiktionary
Wiki Commons
Wikiquote
Wikisource
YouTube
Shop


Featured:
Train wreck at Montparnasse (October 22, 1895) by Studio Lévy and Sons.
Enlarge
Train wreck at Montparnasse (October 22, 1895) by Studio Lévy and Sons.
commodity fetishism

In economics, a commodity is an economic good or service that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.

The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price.

Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemicals and computer memory.



Unless indicated otherwise, the text in this article is either based on Wikipedia article "Commodity" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on original research by Jahsonic and friends. See Art and Popular Culture's copyright notice.

Personal tools