A standardized product is also known as what term?

A standardized product is referred to as a commodity. This term describes goods that are uniform and interchangeable, meaning they have consistent quality and characteristics regardless of the producer. Commodities are often basic goods used in commerce that are produced in bulk, such as grains, metals, and energy resources.

In contrast, options such as variable product and unique product imply differentiation and variability in quality or characteristics, which go against the idea of standardization. Preferred product suggests a choice based on consumer preferences, which does not encapsulate the concept of uniformity inherent in a commodity. Thus, the choice of 'commodity' clearly captures the essence of a standardized product.