The word "commodity" refers to a basic good or raw material that can be bought and sold. It is often used in economics to describe items that are interchangeable with other goods of the same type. Commodities are typically standardized and can include agricultural products like wheat and corn, metals like gold and silver, and energy resources like oil and natural gas.
The term "commodity" comes from the Latin word "commoditas," which means "convenience, advantage, or fitness." This, in turn, comes from "commodus," meaning "suitable, fit, or convenient." The word has evolved to represent not just convenience but also items traded in commerce.