What is commodity?
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A commodity is a produced good that possesses both use-values and exchange-values, distinct from natural resources. Commodity concept encompasses objects with utility and beauty, reflecting people's needs and desires in consumer economies, where advertising and fashion play significant roles. Commodities are classified into categories like agriculture, metals, and energy, traded in organized exchanges globally, including products like wheat, oil, gold, and more. These commodities are traded through spot and derivatives contracts, with spot trades for immediate delivery and derivatives for future dates, highlighting the dynamic nature of commodity markets. The Islamic perspective emphasizes moderation in commodity consumption, advocating against both excessive fondness and miserliness, promoting a balanced approach to consumption.
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| Papers (5) | Insight |
|---|---|
| A commodity is a primary product like agriculture, metals, or energy traded in markets. It includes physical and derivatives trading, such as spot markets, forwards, futures, and options on futures. | |
| Commodities are produced goods with dual roles as use-values and exchange-values, distinct from natural resources, as discussed in the paper "Commodities." | |
| Commodities are various raw materials like agricultural products, energy, and metals traded on organized exchanges. They include wheat, oil, gold, and others for immediate or future delivery through spot or derivatives contracts. | |
| A commodity is a produced good with dual characteristics as use-values and exchange-values, distinct from natural resources, as discussed in the paper "Commodities." | |
3 Citations | Commodity is an object with utility and value, central to consumer economy. Islamic thought emphasizes moderation in consumption, avoiding both excess and miserliness, promoting ethical consumption practices. |
Related Questions
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