Basic Details
Word: Commodity
Part of Speech: Noun
Meaning: A basic good that can be bought or sold, often used in commerce.
Synonyms: Product, item, merchandise
Antonyms: Luxury, rarity
Idioms and Phrases
- Commodities market: A market where raw materials and primary products are traded. Example: "He invested in the commodities market to buy oil and gold."
- Cultivating a commodity: To develop or improve something valuable. Example: "They are cultivating a commodity that will increase the farm's profits next year."
Usage Examples
Example 1: Wheat is a significant commodity in many countries, as it is a staple food for millions.
Example 2: Traders purchase commodities such as coffee, copper, and corn to resell them for profit.
Example 3: The price of gold as a commodity often rises during times of economic uncertainty.
Fun Fact
The word "commodity" comes from the Latin word "commoditas," which means "convenience" or "suitability." This reflects the idea that commodities are useful and beneficial for trade.
Famous Quote
"In the long run, the only thing that counts is the commodity of the mind, not the nice things you own." Anonymous
Multiple Choice Questions (MCQs)
1. What does "commodity" mean?
a) A type of luxury item
b) A basic good that can be bought or sold
c) A rare collector's item
d) A form of transportation
Answer: b) A basic good that can be bought or sold
2. Which of these is a synonym of "commodity"?
a) Gem
b) Product
c) Decoration
d) Antique
Answer: b) Product
3. Which of the following is an antonym of "commodity"?
a) Merchandise
b) Basic good
c) Rarity
d) Item
Answer: c) Rarity
4. Which sentence uses "commodity" correctly?
a) This commodity is the best book Ive ever read.
b) Water is an essential commodity for survival.
c) She painted a beautiful commodity on canvas.
d) He played commodity music at the concert.
Answer: b) Water is an essential commodity for survival.
5. What does it mean to "cultivate a commodity"?
a) To harvest a tree
b) To develop or improve something valuable
c) To sell a product
d) To abandon a business
Answer: b) To develop or improve something valuable
