Any raw material or agricultural product that is bought and sold is called _________. Question 1 options: communism commododities tariffs produce
Answers
"Any agricultural product or raw material that is bought and sold is called the commodities. Therefore, Option B is the correct answer.
An agricultural product is a produced good you get when you cultivate animals or plants to sustain or enhance the life of human.
Agricultural products fall into 1 of 4 groups: foods, fibers, fuels, and raw materials.
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A raw material or an agricultural product that can be bought and sold is known as commodity.
According to economics, a commodity refers to some goods or services that are essentially interchangeable.
Most of the commodities are considerably raw materials like tea, coffee, gold , iron, copper, etc…
Due to the advancement of technology the word commodity also involves the exchange of chemicals and computer memories in present days.