they are different life stages of the same entity.
An analogy would be that they are like an adult and the adult as a child. Different stages of the life cycle.
if there's no raw material, then no finished product will be produced.
From a procurement standpoint, the advantage of semi-finished material versus raw material is that less steps are needed to have a finished product. The downside to semi-finished material is the cost.
eggs
The relationship between the factors and the product is that they are both fractions.
This is the cost of materials which become part of the finished product.
A finished product. Cotton in its natural state is very loose fibres. Processing twists the cotton into strong threads.
When the raw material is converted into finished product is called production.
The product establishes the cost curve or the relationship between costs and outputs. Costs are influenced by the need and function of a certain product.
Raw materials are the materials used to make a finished product. One example would be that mud, water and straw can be combined to make a house. The mud, water and straw are the raw materials, the house is the finished product.
industrial is a material
what is the relationship between marginal physical product and marginal cos
An industry which provides their finished product to other industries as their base product or raw material are known as " Feeder Industry "