Which term best describes a commodity?

• A. Identifying Information
• B. Telecommunication access device
• C. Commodity
• D. Business

Answer: (C)

A commodity is a basic good that can be bought and sold and is typically interchangeable with other goods of the same type. The best term to describe a commodity is the word itself, because the concept is defined by that name—the idea of a standardized, fungible product such as crude oil or wheat that is traded on markets. The other options don’t describe this idea: identifying information is data that identifies a person; a telecommunication access device is equipment for networking; a business is an organization or activity involved in commerce.