WORLD HISTORY

Detailed explanation-1: -Popular commodities include crude oil, corn, and gold. Other definitions of commodity include something useful or valued and an alternative term for an economic good or service available for purchase in the market.

Detailed explanation-2: -A commodity is any useful or valuable thing, especially something that is bought and sold. Grain, coffee, and precious metals are all commodities. The word commodity is usually used in an economic context, as in importing commodities from other countries or trading in the stocks and commodities markets.

Detailed explanation-3: -A commodity, also called primary product or primary good, is a good sold for production or consumption just as it was found in nature. Commodities include crude oil, coal, copper or iron ore, rough diamonds, and agricultural products such as wheat, coffee beans or cotton; they are often traded on commodity exchanges.

Detailed explanation-4: -Brent Crude Oil Brent Crude oil is the most traded global commodity. Brent Crude is extracted from the North Sea and accounts for two-thirds of global oil pricing. Like the other crude oil benchmark WTI, Brent Crude is mainly refined into diesel fuel and gasoline.

Detailed explanation-5: -Commodities like oil, electricity, natural gas, gasoline, and ethanol are a few common examples.