Consider the following commodities:
- Crude oil
Which of the above is/are example(s) of hard commodities?
Commodities are the raw materials that are used to create products which are consumed in everyday life around the world. Commodities can be bought, sold or traded in different kinds of markets.
There are two main types of commodities:
- Soft commodities include agricultural products such as corn, wheat, coffee, cocoa, sugar and soyabean; and livestock.
- Hard commodities include natural resources that need to be mined or processed such as crude oil, gold, silver and rubber.
This question is a part of GKToday's Integrated IAS General Studies Module