Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsDemand2 Marks
Question
Which commodities are called prestigious commodities?
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Answer
The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors $($such as brand name$)$ other than price.
Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemicals and computer memory.
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