Commodity

Commodity is a term for the product (goods) or raw materials, which is traded on the market without a difference in quality.

Commodity in practice: Commodities may be due to its characteristics of mutually substitutable, easy price competitive (when purchasing commodities the price in particular is compared - quality is assumed constant). Products such as raw materials (such as gold, copper) or farming products (wheat, corn, rice, etc.) are traded commodities.