commodity

Vocabulary Word

Definition

'Commodity' refers to basic goods or raw materials that are bought and sold in large quantities. They're interchangeable, as the market considers all commodities of the same type to be identical.

Examples in Different Contexts

In sustainable development, the ethical sourcing of 'commodities' like cocoa and coffee is crucial. A sustainability consultant might advise, 'Choosing fair-trade commodities ensures ethical practices and supports sustainable farming.'

Practice Scenarios

Impact

Scenario:

Global warming is a real threat and we need to switch to sustainable energy sources soon.

Response:

We should indeed lessen our dependence on commodities like oil and coal by investing in renewable energy.

Tech

Scenario:

We've accumulated vast amounts of unstructured data. Its potential is enormous if we manage to utilize it efficiently.

Response:

I completely agree. We should start treating this data as a commodity that can bring immense value to our organization.