The word commodity found its way in the English vocabulary somewhere around the 15th century. It was derived from the French word "commodité", which means "convenience" in respect to quality of services. The Latin word is commoditas, which means a fitting state, time or condition; a good value; efficaciousness or decorum; and advantage, or benefit. In French it is also equal to "produit de base", such as energy, goods and industrial raw materials.
In terms of business it is referred to as a product, which is an undifferentiated manufactured good whose price arises from the owner's right to put on the market rather than pay money for. Some of the examples could be electricity, music, bandwidth, RAM chips, wheat, bulk chemicals such as sulfuric acid, base and other metals, to name a few.
In terms of business it is referred to as a product, which is an undifferentiated manufactured good whose price arises from the owner's right to put on the market rather than pay money for. Some of the examples could be electricity, music, bandwidth, RAM chips, wheat, bulk chemicals such as sulfuric acid, base and other metals, to name a few.
