Quick Reference

A standardized good, which is traded in bulk and whose units are interchangeable. Commodities are mostly the output of the primary sector, that is, agriculture and mining, or semi-processed products. Because these goods are standardized, commodity markets can trade spot goods by sample, and can trade in futures and forward contracts in commodities. See also spot market; standardized commodity.

Subjects: Economics.

Reference entries

See all related reference entries in Oxford Index »