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Commodity
1. A marketable item produced to fulfill a need
or want; may reference both goods and
services.
2. A primary agricultural product or raw material
that must meet specified minimum standards
to can be bought and sold in broad
commerce.
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Commodity Classification
The schema that
identifies commodities according to type,
class, size, composition, or manufacturer.
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Commodity Code
A standard classification
system to categorize a marketable item
produced to fulfill a need or want; references
both goods and services. See Also: NIGP
Commodity/Service Code.
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Commodity Group
A grouping of related items,
all of which can be further broken down into
additional commodity classes within the
commodity group.
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Commodity Rate
A published tariff applicable to
the shipment of a specific commodity in large
quantities between selected geographical
points. See also: Class Rate.
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Common Carrier
A business or person who
serves the public by transporting goods or
people on regular routes at set rates. See
also: Contract Carrier.
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Common Law
1. Law based on custom and usage, or
confirmed by court decisions, rather than law
created by the enactment of legislative
bodies.
2. The body of law created by court decisions
rendered by judges; also known as case law
or judicial law.
3. Principles and rules by which rights and
obligations in commercial transactions are
determined, found in the Uniform Commercial
Code (2) business law.
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Common Market
Free trade area among
countries with no to few duties on commerce
with one another and common external tariffs.
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Common Stock
Shares entitling the holder, as a
partial owner, to dividends if the company
realizes a profit.
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Comparable Worth
Principle that women and
men should be equally compensated for work
requiring comparable skills, effort, and
responsibilities.
