What exactly are commodities?

Question

a friend of mine wants to see a demo of how Yahoo Answers works so she asked me this.

She's likely to become an asker herself someday. So please, truthful answers on this question.

Also, I know they are going up and that's not a good thing.

Answer 1

It's any physical good that is standardized and traded on a market.  These are normally extracted goods (oil, gold) or agricultural goods (sugar, cotton).   For example, soybeans as a commodity are traded as No. 2 yellow (although curiously, there are two different grades for different states of origin.)

There are different types of trading instruments that are based on commodities, including spot prices, and  forward and futures contracts.

Answer 2

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Answer 3

Commodities are things like copper,uranium,iron ore,potash, corn, wheat,rice etc.