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e. In economics, a commodity is an economic good, usually a resource, that specifically has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. [1] [2] [3] The price of a commodity good is typically determined as a function of its market as a whole ...
A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. [1] Futures contracts are the oldest way of investing in commodities. [citation needed]
Characteristics of commodity. In Marx's theory, a commodity is something that is bought and sold, or exchanged in a relationship of trade. [4] It has value, which represents a quantity of human labor. [5] Because it has value, implies that people try to economise its use. A commodity also has a use value [6] and an exchange value.
e. In Marxist philosophy, the term commodity fetishism describes the economic relationships of production and exchange as being social relationships that exist among things (money and merchandise) and not as relationships that exist among people. As a form of reification, commodity fetishism presents economic value as inherent to the ...
A commodity chain is a process used by firms to gather resources, transform them into goods or commodities, and finally, distribute them to consumers. It is a series of links connecting the many places of production and distribution and resulting in a commodity that is then exchanged on the world market. In short, it is the connected path from ...
Commodity chemicals are a sub-sector of the chemical industry (other sub sectors are fine chemicals, specialty chemicals, inorganic chemicals, petrochemicals, pharmaceuticals, renewable energy (e.g. biofuels) and materials (e.g. biopolymers )). Commodity chemicals are differentiated primarily by the bulk of their manufacture.
Commodity broker. A commodity broker is a firm or an individual who executes orders to buy or sell commodity contracts on behalf of the clients and charges them a commission. A firm or individual who trades for his own account is called a trader. Commodity contracts include futures, options, and similar financial derivatives.
Fetishism in anthropology refers to the primitive belief that godly powers can inhere in inanimate things, e.g., in totems. Marx uses this concept to describe "commodity fetishism." For Marx, "a commodity appears at first sight an extremely obvious, trivial thing. But its analysis brings out that it is a very strange thing, abounding in ...