WebIn the context of the U.S. government, the Federal Acquisition Regulation (FAR) has defined "COTS" as a formal term for commercial items, including services, available in the commercial marketplace that can be bought and used under government contract. [1] For example, Microsoft is a COTS software provider. Web: a product of agriculture or mining 2 : an article that is bought and sold in commerce Legal Definition commodity noun com· mod· i· ty kə-ˈmä-də-tē plural commodities : a class of economic goods especially : an item of merchandise (as soybeans) whose price is the basis of futures trading More from Merriam-Webster on commodity

Price Elasticity of Demand Meaning, Types, and Factors That …

WebSep 12, 2024 · In economics, a commodity is defined as a tangible good that can be bought and sold or exchanged for products of similar value. Natural resources such as oil as well as basic foods like corn are two common types of commodities. Like other classes of assets such as stocks, commodities have value and can be traded on open markets. WebOct 23, 2024 · Commodities are hard assets ranging from wheat to gold to oil. The U.S. government defines commodities in the 1936 Commodity Exchange Act. 1 The Act covers … halloween 1974

Commodities Definition - Investopedia

WebDec 18, 2024 · Commodities are goods that are more or less interchangeable. This includes goods that are physically almost identical and goods that are different but serve customer needs equally. Consumers of commodities almost always choose the cheapest item as they see no differences between suppliers. Webcommodity product. noun [ C ] uk us. COMMERCE, MARKETING. a product that is the same as other products of the same type from other producers or manufacturers: Sugar is a … burberry maternity