Primary Commodities
Goods and services that directly come from natural resources or using the factor of production called land.
Primary commodities, such as agricultural products (e.g., wheat, rice) and raw materials (e.g., crude oil, iron ore), generally have price inelastic demand. The reasons are the following provided below.
Primary commodities often have few or no close substitutes.
Tip
Some primary commodities are oil, minerals, foods, etc. These are also considered as necessities with little to no substitutes.
Primary commodities are often necessities for consumers or producers:
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