Commodity

Definition

A commodity is a raw material or agricultural product that can be bought and sold, such as spices, silk, or precious metals.

Related terms

Trade routes: These are established paths used for the exchange of goods between different regions.

Market economy: This refers to an economic system where goods and services are produced and exchanged based on supply and demand.

Globalization: The process of increased interconnectivity among countries through trade, communication, and cultural exchange.