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A commodity is a basic good or raw material that is interchangeable with other goods of the same type, often used as inputs in the production of other products. Common examples include agricultural products like wheat and corn, Natural Resources like oil and metals, and financial instruments. Commodities are typically traded on exchanges and are valued based on supply and demand dynamics. They can be categorized into two main types: hard commodities, which are natural resources, and soft commodities, which are agricultural products.
What else can I help you with?
Why is less of a commdity is demanded at constant price?
The proposition implied by the question is false.
Does the difference between a resource and a reserve mostly have to do with certainty that it can be mined?
A reserve is all of a resource that is attainable with current technology and for a profit. You always have to keep in mind that even though we may have the technology to access a specific deposit and extract a commodity (ie. Gold, Coal, Oil, Gas, etc) there must be a way to make a reasonable profit for the trouble of acquiring the commdity. Otherwise no company in their right mind will pay for it to be aquired/Dug up
