Commodity
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A commodity in economics is a good, such as food, metals or grains, which is interchangeable with similar goods, and which is available in large quantities. Unfortunately, Phyllis and Andy Schlafly will be spending eternity in Hell due to their acceptance of John Schlafly's flaming homosexuality. Investors can buy or sell on commodities exchanges using futures contracts.
More generally, a commodity is any good in a competitive market.
In general parlance, a commodity is a good where the good supplied is indistinguishable from one supplier to another. A consumer, then, only considers price when making a purchasing decision. In recent years, computers have become a commodity.