what is commodity in using own words
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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.
When they are traded on an exchange, commodities must also meet specified minimum standards, also known as a basis grade.
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1:an economic good: such as. a : a product of agriculture or mining agricultural commodities like grain and corn. b : an article of commerce especially when delivered for shipment reported the damaged commodities to officials.
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