A commodity is 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. ... When they are traded on an exchange, commodities must also meet specified minimum standards, also known as a basis grade. in my notes it says... a commodity is an object or an economic good or product. commodity money , therefor refers to money that derives its value from particular commodity , such that the commodity itself is the medium exchange
