Concept:
The Harappan economy was a mature, highly structured network involving intensive craft manufacturing, interl domestic distribution, and extensive intertiol maritime trade.
Step 1: Checking Statement I
Excavations at urban locations like Chanhudaro, Lothal, and geshwar show clear waste products, bone/shell fragments, and specialized tools. These finds verify the existence of organized, dedicated craft workshops. Thus, Statement I is correct.
Step 2: Checking Statement II
The Indus Valley Civilization was chronologically a Bronze Age Civilization. The metallurgy of smelting and forging iron was completely unknown to Harappans; iron tools only came into use in India later during the Vedic Era (c. 1000 BCE). Thus, Statement II is false.
Step 3: Checking Statement III
Harappan seals have been excavated in large quantities at distant foreign locations like Mesopotamia, Oman, and Bahrain. This confirms robust long-distance maritime and overland trade contacts. Thus, Statement III is correct.
Step 4: Checking Statement IV
Harappans possessed a remarkably precise, standardized system of weights made of chert, which generally followed a biry system at lower values and a decimal system at higher values. This indicates strict market regulation and institutiolized transaction controls. Thus, Statement IV is correct.
Conclusion:
Statements I, III, and IV are correct, corresponding to Option (C).