What is the exact definition of a commodity? Does it have any connection to an industrial economy? What is an industrial economy?

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According to The Reader's Digest Great Encyclopaedic Dictionary, "commodity" is noun meaning "Useful thing; article of trade". An industrial economy is one which has experienced an industrial revolution, meaning that the population are engaged more in industry than agriculture. In an agricultural economy almost the entire population is employed in agriculture because their farming processes are not sufficiently developed for them to produce any surplas food. In todays developed countries only a small fraction of the population is involved in agriculture, yet they produce enough food to support themselves and the rest of the people who are employed in industry. The products of thsese industries are commodities. Hope that makes sense... Aug 21 03, 5:18 PM

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