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Simple English definitions for legal terms
commodity
Read a random definition: punctum temporis
A quick definition of commodity:
A commodity is something that people buy and sell. It can be a physical thing like a product or something that comes from a farm. It's not a service like getting your hair cut or going to the movies.
A more thorough explanation:
Definition: A commodity is a tangible item that is bought and sold in the market. It can be a product or merchandise, but not a service. It is often a raw material or agricultural product that is used to produce other goods.
Examples:
- Oil
- Corn
- Cotton
- Gold
These examples illustrate the definition of a commodity because they are all tangible items that are traded in the market. They are not services, but rather raw materials or agricultural products that are used to produce other goods. For example, oil is used to produce gasoline, corn is used to make food products, cotton is used to make clothing, and gold is used in jewelry and electronics.