ECONOMICS

Detailed explanation-1: -Indirect raw materials are materials that are consumed during the manufacturing process but aren’t a part of the final product. Things like cleaning and office supplies, disposable tools, lubricants, and tape are examples of items that could be considered indirect raw materials.

Detailed explanation-2: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-3: -Raw materials are transformed by physical and chemicals processes into the various types of materials that are used for manufacturing. they are prepared so that they are ready to use for making many different products called manufactured goods. Technical materials are common materials used to make manufactured goods.

Detailed explanation-4: -Intermediate goods are products that are used in the production process to make other goods, which are ultimately sold to consumers. The intermediate goods are sold industry-to-industry for resale or to produce other products.