Commerce SSS1 Third Term

WEEK  1

Commodity Exchange

Performance Objectives

The student should be able to:

    1. Explain the term commodity.

    2. Mention the types of tradable commodities.

Content

Meaning of Commodity

The commodity is any good or material produced to satisfy wants or needs. Commodities may also be defined as materials or products that can be traded or exchanged for value at a particular time and at a pre-determined price. Any material or anything regarded as a commodity must possess standard quality and price. For instance, gold, silver are commodities because they have standardized quality and price which are objective and are determined in line with local or international standard. a is used to describe a class of goods for which there is demand.... View More