Which of the following best describes commodities?

The correct choice identifies commodities as agricultural products and metals that are regularly traded in markets. This definition accurately represents the characteristics of commodities, which typically include raw materials or primary agricultural products that can be bought and sold. Commodities are standardized, meaning they are interchangeable with other goods of the same type, and they are often traded on exchanges where prices fluctuate based on supply and demand.

Commodities are generally categorized into two main types: hard commodities, such as gold and oil, which are mined or extracted, and soft commodities, which include agricultural products like wheat, coffee, and corn. The trading of these items is fundamental to the global economy, influencing various industries and consumer prices.

While the other choices may refer to items that have value, they do not specifically encompass the broader category of commodities as defined in financial markets. For example, rare and collectible items do not fit into the standardized category of commodities; personal items of value may vary significantly in their characteristics; and luxury goods are not included in the definition of commodities since they tend to be differentiated products sold for premium prices. Therefore, the identification of commodities as embraced by option B is aligned with how they are understood in economic terms.