Goods vs commodity Could you explain the difference With examples and can you explain difference between commodity and good on the situation Thanks
Oct 12, 2019 7:00 PM
Answers · 2
A commodity is the raw substance that is used to make goods. Cars are goods or products they are made from metal the metal comes from the commodity iron ore or other metals mined or extracted from the earth. Coffee is a product or goods on a supermarket shelf coffee beans from which coffee is ground is the commodity. Goods are sold and bought in smaller quantities, commodities are usually bought or auctioned via commodity markets in much larger quantities
October 12, 2019
In economics and business: Goods = a general term in for THINGS, whether raw materials or finished products. This can be contrasted with services. In an economy, companies make either goods or services (hence the name "goods and services tax", another name for value-added tax). Commodity = a good that is traded, often on an exchange. e.g. gold, copper, coffee, sugar, wood, oil. It is a "basic good" that can be easily substituted for others. (e.g. not an iPhone) Commodities traders are people who work buying and selling commodities, typically working for investment banks. There are commodities indexes, which track the price of commodities.
October 13, 2019
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