Dictionary

Commodity

A basic good used in commerce that is interchangeable with other commodities 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. When they are traded in an exchange, the commodity is held to a specific minimum standard, also known as a basis grade.

 

Wikipedia: https://en.wikipedia.org/wiki/Commodity