# Commodity

## Definition
A commodity is a basic good that is used in commerce and can be interchanged with other commodities of the same type. Commodities are most often used as inputs in the production of other goods or services. Their quality may differ slightly but is essentially uniform across producers.

## Source Chapter
Book 1, Chapter 4

## Context
Smith discusses commodities in the context of exchange and barter, where one commodity is traded for another before the advent of money. He also makes reference to various commodities used as a medium of exchange in different societies.

## Economic Domain
Microeconomics, Commodities Market