A commodity is a raw material used in the production process to manufacture finished goods, while a product is a finished good sold to consumers. No value is added to a commodity, which can be grown, extracted, or mined.

The market size of the commodity market is extremely hard to ascertain as it would be hundreds of trillions of dollars in value. However, as an example, the crude oil commodities were worth $1.7 trillion per year. In combination, the commodity markets can easily be around $20 trillion a year.

10 of the best commodity trading apps for Android are as mentioned below:

• Commodity Beat.
• ET Markets: NSE & BSE India.
• Edelweiss Mobile Trader – Commodities App:
• Moneycontrol.
• IIFL Markets.
• Reliance Commodities Trading App.
• Investing.com.
• Angel Broking App.

The primary goods tend to be inelastic because they are basic necessities andthey do not have many substitutes. So even if there is a change in the price ofthese goods, the quantity demanded would not be impacted much as peoplewould continue to but the same quantity of the product as it is a basicnecessity.

If quantity demanded changes proportionately, then the value of PED is 1, which is called ‘unit elasticity’. PED can also be: Less than one, which means PED is inelastic. Greater than one, which is elastic. Zero (0), which is perfectly inelastic.

Generally primary commodities have relatively low PED values (inelastic), while manufactured goods will tend to have higher values (more elastic). Luxuries are more elastic in demand than necessities.

A manufactured good is a good that is produced mainly by the application of labour and capital to raw materials and other intermediate inputs. As such, manufactured goods are the opposite of primary goods, but include intermediate goods as well as final goods.