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Commodity

Basic good that used in trade and can be exchanged for other items of the same kind. The majority of the time, commodities are utilized as raw materials to create other products or services. Therefore, a commodity is typically a raw resource utilized to create completed goods. Contrarily, a product is the finished good that is offered for sale to customers. A commodity's quality may slightly vary amongst producers, but it is generally the same. Commodities, usually referred to as base grades, must also satisfy specific minimum requirements in order to be traded on an exchange.

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