Commodity

A good or service produced for exchange rather than solely for its use. Its exchange value is shaped by market relations, production, and demand.

Exchange value: The quantitative value at which one good exchanges for another or for money. Commodity prices express exchange value, distinct from the usefulness of the goods traded.
Labor theory of value: Theories that explain the value of commodities through the labor required to produce them. It offers a prominent account of what determines commodity value.
Commercial revolution: The expansion of European trade, finance, and commercial institutions from the late medieval period onward. Its growth widened the networks through which goods became commodities.
Gift economy: An economic system in which goods and services circulate through gifting and reciprocal social obligations. Gifts can circulate without being produced primarily for sale.
Commodification: The process by which goods, services, activities, or relationships are made exchangeable in markets. It names the extension of commodity relations into areas not previously organized for sale.
Use value: The capacity of a good or service to satisfy a human need or want. A commodity has usefulness, but its production for exchange distinguishes it from use alone.
Socially necessary labor time: The average labor time required to produce a commodity under normal conditions and with typical skill and intensity. Marx uses this measure to explain commodity value within competitive production.
Enclosure: The consolidation of shared or open land into privately controlled holdings, especially in England. Enclosure helped turn land and labor into inputs for market production.
Subsistence economy: An economy in which production mainly meets the direct needs of producers and their households. Subsistence production contrasts with making goods chiefly for exchange.
Labor power: The human capacity to work, which workers sell to employers for wages in capitalism. Marx identifies labor power as a distinctive commodity with the capacity to create value.

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