Commodities Production
Definition
Commodities production refers to creating goods that are fundamental to society and have a set value in the market. These can be agricultural products like wheat or corn, mined materials like gold or silver, or energy sources like oil.
Related terms
Supply and Demand: This refers to the amount of a commodity, product, or service available and the desire of buyers for it.
Market Economy: An economic system where decisions regarding investment, production and distribution are guided by price signals created by the forces of supply and demand.
Industrial Revolution: A period from 1760 to 1840 when major changes in agriculture, manufacturing, mining, transport, and technology had a profound effect on socioeconomic conditions.
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