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2min chapter
314 what is a commodity?
Dev Raga Personal Finance
Introduction
A commodity is a basic good which is used in commerce and that good can be interchangeable with other goods of the same type. An important distinguishing feature is whether you buy a good from one producer or another producers doesn't really matter because it's uniform. If a commodity is traded on an exchange usually they need to meet a minimum quality and standard - this is called the basis grade. Now every country may have a different terminology or definition but the same standards apply.
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