The process by which something which was not a commodity before in market economy and is made into a commodity is known as:-
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Commoditisation
Commoditisation is the process by which something that was not previously bought and sold in the market is transformed into a commodity—an item that can be traded, assigned a market value, and exchanged in a market economy. This process often involves turning natural resources, services, cultural practices, or even personal attributes into products for sale.
For example:
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Water becoming bottled and sold instead of freely available.
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Traditional knowledge being patented and sold as products.
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Healthcare and education increasingly treated as market goods.