Edexcel GCSE Design and Technology · 1DT0
Specification 2.3.4, 4.3.4 · Paper 1
Revise: Cost FactorsA commodity is a widely traded raw material, such as copper, bought and sold against specified standards. The London Metal Exchange (LME) provides a trading market where widely accepted reference prices for metals are established. These prices give buyers and sellers a common starting point when negotiating material costs.
- Revise: Cost Factors
A raw material traded in large quantities, such as crude oil, whose market price can change with supply and demand.