WORLD HISTORY

Detailed explanation-1: -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-2: -A commodity is a raw material used in the production process to manufacture finished goods, while a product is a finished good sold to consumers.

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.

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 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-6: -Major commodities include cotton, oil, gas, corn, wheat, oranges, gold, and uranium. Basically, they are the raw materials needed by large manufacturing companies in running their businesses.