A commodity is a raw material or primary agricultural product that is bought and sold in large quantities, typically on a global scale. These goods are interchangeable with other goods of the same type and are often used as inputs in the production of other goods or services. Examples of commodities include oil, wheat, and gold. They are essential to our daily lives and play a crucial role in the global economy. The price of commodities is determined by supply and demand, making them subject to market fluctuations. In addition to being traded on exchanges, commodities can also be physically delivered to buyers. Overall, commodities are vital components of trade and commerce, serving as the building blocks of our modern society.