Which of the following is considered a commodity?

In the context of agriculture and agribusiness, a commodity is typically defined as a basic good that is interchangeable with other goods of the same type. Commodities are often undifferentiated, meaning that they do not carry specific brands or unique characteristics that set them apart from similar products.

#2 Corn is a standardized grade of corn that's recognized in the marketplace, and it serves as a benchmark against which prices of corn and other grains are established. This classification ensures uniformity, making it easier for buyers and sellers to trade. As a widely produced and traded agricultural product, #2 Corn fits the criteria of a commodity perfectly.

On the other hand, options like Organic Beef and Non-GMO Corn represent products that have specific qualities, attributes, or are produced under certain regulations that differentiate them from other types of beef or corn. These distinctions often cater to specific consumer preferences and market segments, making them less interchangeable and thus not categorized as commodities in the traditional sense. Similarly, a Chevrolet Pickup is a specific brand and model of a vehicle, characterized by its unique features, which further separates it from the concept of a commodity.

This understanding of what defines a commodity highlights why #2 Corn is selected as the correct answer, as it embodies the essential