Final answer:
In an agrarian society, commodities are agricultural products consumed or traded locally. During the Industrial Revolution, the definition of commodities expanded to include mass-produced manufactured goods in industrialized capitalist economies.
Step-by-step explanation:
The speaker defines commodities as the goods and services that are bought, consumed, and owned by people in an agrarian society. In an agrarian society, commodities are primarily agricultural products that are grown and produced by individuals or communities for their own use or for local trade.
During the Industrial Revolution, the definition of commodities changed. With the mechanization of manufacturing processes and the rise of industrial capitalism, there was a significant increase in commodity consumption. Industrialized capitalist economies produced a surplus of goods, and people of all classes began buying and consuming a wide range of products. These commodities were no longer primarily agricultural, but instead included manufactured goods produced in factories.
Overall, the Industrial Revolution transformed the definition of commodities from primarily agricultural products to a wide array of manufactured goods that were mass-produced and consumed in industrialized capitalist economies.