What is the origin of the word commodity?

What is the origin of the word commodity?

Etymology. The word commodity came into use in English in the 15th century, from the French commodité, “amenity, convenience”.

What does it mean to be treated as a commodity?

3 : a good or service whose wide availability typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. 4 : one that is subject to ready exchange or exploitation within a market … stars as individuals and as commodities of the film industry. —

What does becoming a commodity mean?

Key Takeaways Commoditization is the process of converting products or services into standardized, marketable objects. This process tends to strip away unique or identifying qualities of the commodity in favor of identical, lower cost items that can be interchanged with one another.

What are the 3 types of commodities?

Types of commodities

• Agricultural products: Soft commodities. They include crops like coffee, corn, wheat, soybeans, cotton, and lumber.
• Livestock and meat: Soft commodities. They include live cattle, beef, pork bellies, and milk.
• Energy products: Hard commodities.
• Metals: Hard commodities.

What commodity means?

A commodity is a basic good used in commerce that is interchangeable with other goods of the same type. Commodities are most often used as inputs in the production of other goods or services. The quality of a given commodity may differ slightly, but it is essentially uniform across producers.

Which words have almost the same meaning as the word commodity?

synonyms for commodity

• asset.
• goods.
• material.
• produce.
• product.
• property.
• stock.
• article.

Can humans be commodity?

Humans cannot be construed as commodities, capital, resources or assets. Human-related intangible flows may generate cash-flows, but they are not commodities.

What is a commodity according to Karl Marx?

Definition: Commodity. COMMODITY: “an external object, a thing which through its qualities satisfies human needs of whatever kind” (Marx, Capital 125) and is then exchanged for something else.

Is commoditization good or bad?

Commoditization is bad because it erodes your ability to charge a healthy, profitable fee for what you make or do. When everything looks the same to your buyers, they’ll generally settle on whichever solution or product is the cheapest.

How do you avoid commoditization?

How To Avoid Commoditization

1. Create a third market place.
2. Target the right customers.
3. Add a dose of expertise.
4. Don’t keep them (customers) waiting.
5. Amp up the personal touch.