Goods and services that have monetary value are called:

• A. Products
• B. Goods
• C. Commodities
• D. Assets

Answer: (A)

In business language, commodities are basic goods that have a market price and are traded in markets. The key idea is that they can be bought and sold widely because they are standardized and interchangeable with other items of the same type, giving them clear monetary value. While goods and products describe items produced or sold, and assets refer to resources with value owned by a business, the term that best captures the notion of market-tradable items with a price is commodities. Examples include things like crude oil, wheat, or metals—items that people buy and sell based on supply and demand.