Examlex
The net gain to society from changing output from QC to QE is
Manufacturing
The process of converting raw materials into finished products through various methods such as assembly, machining, or chemical processing.
Raw Materials Used
The total cost of all raw materials that are consumed in the production process during a specific period.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) to make something for consumption.
Raw Materials
Basic materials that are used in the production process to manufacture goods, often processed in multiple stages before becoming part of the final product.
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