Which of the following best describes a commodity?

A commodity is best described as a raw material or primary agricultural product because it refers to basic goods that are interchangeable with other goods of the same type. Commodities are typically the foundational building blocks of the economy and are often used in the production of more complex products. These can include natural resources such as oil, grain, or metals that are considered uniform in quality and can be traded on an exchange.

The other choices do not align with this definition. A finished consumer product, while valuable and part of economic transactions, represents the end of the production process rather than the raw material stage. Luxurious items cater to a niche market but do not fit the definition of a commodity as they are not uniform and are often differentiated by brand or quality. Services, being intangible, fall outside the realm of commodities entirely, which involves tangible products that can be bought or sold. Therefore, the description of a commodity as a raw material or primary agricultural product is the most accurate.