Understanding commodity in Economics

Definition of Commodity

In the field of economics, a commodity is that item that is showcased in the market with the aim of satisfying the needs. When a producer trade commodity on an exchange, it should meet certain minimum standards which are called as a basic grade. Goods and services are prior commodities in economics.

How Commodity works?

The traditional examples of commodity are grains, beef, gold, oil, and natural gas. In a recent development of economy financial products like foreign currencies and indexes are also included in the list of commodities. Technological advances have produced a new range of commodities being exchanged in the marketplace, such as cell phone minutes and bandwidth.

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