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Etymology

The word commodity came into use in English in the 15th century, from the French commodité , "amenity, convenience". Going further back, the French word derives from the Latin commoditas , meaning "suitability, convenience, advantage". The Latin word commodus (from which English gets other words including commodious and accommodate ) meant variously "appropriate", "proper measure, time, or condition", and "advantage, benefit".
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Members

The following are all members of the UNSDG, as of March 2019: Food and Agriculture Organization (FAO) International Fund for Agricultural Development (IFAD) International Labour Organization (ILO) International Organization for Migration (IOM) International Trade Centre (ITC) International Telecommunications Union (ITU) Office of the High Commissioner for Human Rights (OHCHR) Joint United Nations Programme on HIV/AIDS (UNAIDS) United Nations Conference on Trade and Development (UNCTAD) United Nations Department of Economic and Social Affairs (UN DESA) United Nations Development Programme (UNDP) / United Nations Capital Development Fund (UNCDF) / United Nations Volunteers (UNV) United Nations Department of Political Affairs (UN DPA) United Nations Economic Commission for Africa (UN ECA) United Nations Economic Commission for Europe United Nations Economic Commission for Latin America and the Caribbean (UN ECLAC) United Nations Environment Programme (UNEP) United Nations ...
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Description

Characteristics edit In economics, the term commodity is used specifically for economic goods that have full or partial but substantial fungibility; that is, the market treats their instances as equivalent or nearly so with no regard to who produced them. Karl Marx described this property as follows: "From the taste of wheat, it is not possible to tell who produced it, a Russian serf, a French peasant or an English capitalist." Petroleum and copper are examples of commodity goods: their supply and demand are a part of one universal market. Non-commodity items such as stereo systems have many aspects of product differentiation, such as the brand, the user interface and the perceived quality. The demand for one type of stereo may be much larger than demand for another. 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. Hard and soft commodities edi...
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