Commodification
Definition
Commodification is the process by which something not previously considered an object to be bought or sold becomes one that has particular value within the marketplace.
Analogy
Think about water. It falls freely from the sky and flows in rivers, but we've found ways to bottle it up and sell it. We've turned something natural into a commodity - that’s commodification!
Related terms
Capitalism: An economic system where goods and services are produced for profit in competitive markets.
Consumer Culture: A form of capitalism where consumers are encouraged to seek happiness through buying products and services.
Market Economy: An economy in which decisions regarding investment, production, and distribution are guided by supply-demand dynamics.
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