Question

explain the meaning of commodities and services with example​

Answer 1

A commodity is a basic good used in commerce that is interchangeable with othercommodities of the same type. Commodities are most often used as inputs in the production of other goods orservices. The quality of a givencommodity may differ slightly, but it is essentially uniform across producers.

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Answer 2

In economics, a commodity is defined as a tangible good that can be bought and sold or exchanged for products of similar value. Natural resources such as oil as well as basic foods like corn are two common types of commodities. ... And like other assets, commodities can fluctuate in price according to supply and demand.