Which of the following best describes a commodity?

A commodity is best described as basic goods used in commerce, typically in the production of finished products. This definition highlights the role of commodities as fundamental resources that are used as inputs in various industries to create finished goods. Commodities are usually standardized and interchangeable, allowing for easy trading in markets. Common examples include agricultural products like wheat and corn, metals such as gold and silver, and energy resources like oil and natural gas.

In contrast, unique assets with no substitutes do not fit the definition of a commodity, as commodities are characterized by their fungibility and interchangeability. Financial assets, such as stocks and bonds, represent ownership or credit relationships, and thus are not classified as commodities. Lastly, while currency is essential in trading, it is not classified as a commodity itself; rather, it serves as a medium of exchange for trading various kinds of goods and services, including commodities.