A commodity is a very common, typically inexpensive product that is largely and easily-available to the mass market. Toilet paper is a commodity, because it is very common and cheap, and usually consumers make the decision to buy it based on price and/or habit.
Related Articles:
- Tools for the Tank: Tips from World Record Holders in Fuel EfficiencyFuel economy is a much-discussed topic among those looking to save money – especially with the unpredictable and often escalating fuel prices. Even if you can’t afford a hybrid vehicle that runs on both gasoline and electricity, you can cut fuel costs through better purchasing and driving habits. Helen and John Taylor, who have 46 Fuel Economy Driving World Records, share their secrets for saving at the pump.
- Educator Toolkit: Wall Street
- Career Insight: Ama Egyaba Baidu-Forson's Economist Life