Raw Materials
Definition
Raw materials are natural resources that are used to produce goods. They are unprocessed substances that can be transformed into finished products.
Analogy
Raw materials are like ingredients in a recipe. Just as flour, sugar, and eggs are used to make a cake, raw materials like iron ore, cotton, and timber are used to create various products.
Related terms
Natural Resources: Natural resources refer to any material or substance that occurs naturally in the environment and is valuable for economic use.
Commodities: Commodities are raw materials or primary agricultural products that can be bought and sold on the market.
Exports: Exports are goods or services produced domestically within a country and sold to other countries.
"Raw Materials" appears in:
Practice Questions (3)
The Spanish Empire was the 4th Largest Empire ever. And, they were constantly looking for Raw Materials. Which one did they find that led to their financial ruin?
What were some key raw materials exported during this time period?
How did the global demand for raw materials in the Industrial Revolution contribute to economic imperialism?
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