ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products.

Detailed explanation-2: -Raw materials are the input goods or inventory that a company needs to manufacture its products. Examples of raw materials include steel, oil, corn, grain, gasoline, lumber, forest resources, plastic, natural gas, coal, and minerals.

Detailed explanation-3: -Basic materials are substances that occur naturally such as oil, stone, and gold. The basic materials sector is subject to supply and demand.

Detailed explanation-4: -Any material that comes from the earth and can be processed into a useable product is a natural raw material, but many people use the term natural to designate a product that is environmentally friendly. This can mean that the material was harvested sustainably or that it was collected without damaging the ecosystem.

Detailed explanation-5: -Plant/tree-based – materials like vegetables, fruits, flowers, wood, resin, latex are obtained from plants and trees. Animal-based– materials like leather, meat, bones, milk, wool, silk are all obtained from animals. Mining-based– materials like minerals, metals, crude oil, coal, etc. 10-Apr-2020