Raw Materials

Raw Materials
A material or substance used in the primary production or manufacturing of a good. Raw materials are often natural resources such as oil, iron and wood. Before being used in the manufacturing process raw materials often are altered to be used in different processes. Raw materials are often referred to as commodities, which are bought and sold on commodities exchanges around the world.

Raw materials are sold in what is called the factor market. This is because raw materials are factors of production along with labor and capital. Raw materials are so important to the production process that the success of a country's economy can be determined by the amount of natural resources the country has within its own borders. A country that has abundant natural resources does not need to import as many raw materials, and has an opportunity to export the materials to other countries.


Investment dictionary. . 2012.

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Look at other dictionaries:

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  • raw materials — noun (plural) materials such as coal, oil etc, in their natural state, before being treated in order to make things …   Longman dictionary of contemporary English

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  • raw materials — Direct materials used in a production process, which are at a low level of completion compared to the final product or cost unit Examples include steel plate, wood, and chemicals …   Big dictionary of business and management

  • raw materials — /rɔ: mə tɪəriəlz/ plural noun basic materials which have to be treated or processed in some way before they can be used, e.g. wood, iron ore or crude petroleum …   Marketing dictionary in english

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