Is intellectual property considered a commodity? Can intellectual property be bought and/or sold like other commodity type goods?
Intellectual property (patents, copyrights, trademarks) can be bought and sold, but I would not call it a commodity.
Since each piece of intellectual property is unique, placing value on it is very difficult and is much more art than science.
For example, consider a patent. A patent only has value if others infringe it (or want to practice it) and you can get royalties from them. There are a lot of variables in determining value:
Put a patent in front of 10 IP lawyers and ask them to place a value on it and you will get very different answers.