ECONOMICS
FINANCIAL MARKETS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A basic good that is typically sold in retail stores
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A basic good that extremely rare and unusual
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A basic good used on commerce that is interchangeable with other goods of the same type
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A basic good that is in unlimited supply
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Detailed explanation-1: -A commodity is a raw material produced in large quantities and can be sold in bulk. Commodities are basic good used in commerce that is interchangeable with other commodities of the same type. Gold, silver, corn, wheat, coffee and oil are examples of commodities. A commodity has uniform quality and quantity.
Detailed explanation-2: -A commodity is a basic good used in commerce that is interchangeable with other goods of the same type. Commodities are most often used as inputs in the production of other goods or services. A commodity thus usually refers to a raw material used to manufacture finished goods.
Detailed explanation-3: -Basic goods include canned sardines, processed milk, coffee, bread, instant noodles, salt, detergent soap, bottled water, and candles, while prime commodities include meat loaf, beef loaf, corned beef, soy sauce, vinegar, fish sauce, toilet soap, and battery.
Detailed explanation-4: -Commodities are raw materials used to create the products consumers buy, from food to furniture to gasoline or petrol. Commodities include agricultural products such as wheat and cattle, energy products such as oil and natural gas, and metals such as gold, silver and aluminum.
Detailed explanation-5: -Types of Commodities Since there are so many commodities, they are grouped into three major categories: agriculture, energy, and metals.