Define the Following Terms

question 3

Short Answer

Define the following terms
-social indicator

---

Definitions:

Raw Materials

Basic materials and substances used in the initial stages of production or manufacturing processes.

Indirect Materials

Materials used in the production process that cannot be directly traced back to the finished product in a cost-effective manner.

Manufacturing Overhead

Costs associated with manufacturing that are not directly tied to the product, such as factory rent, utilities, and management salaries.

Work in Process

The cost of unfinished goods in production, including labor, material, and overhead costs, at any given point in time.