What is the term for a basic good used in commerce that is interchangeable with other goods of the same type, such as gold or oil?
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Commodity
Commodities are usually raw materials like gold, oil, or wheat. They are interchangeable with other goods of the same type, regardless of who produced them.
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- What is the term for a raw material or basic good that is interchangeable with others of its type, regardless of the producer?