Anonymous asked in Social ScienceEconomics · 1 month ago

Is raw material really the only thing that builds the economy in the end,  are we all just living off of raw material?

5 Answers

  • 4 weeks ago

    Raw material is the bottom line. Without it, we couldn't have created jobs and a monetary system. The MVPs of civilization are really the people who have the most ideas for utilizing raw material in ways that benefit everyone. Nikola Tesla is one of the best known people for these types of ideas, as he created many things extremely valuable to people. Someone could design a great one bedroom home that takes up 10% of all the materials collected for a day, but that would only serve one person. Wealthy people, who are entrusted with the most resources are guilty of this behavior all the time, and the upper class keeps growing. If wealthy people were always more concerned about creating things designed for everyone, then everyone would live extremely well. We misplace money a lot, because we assume the ones who want it bad enough to stop at nothing to get it, are the best choice for having it. Building pyramids was a bad idea. Many Egyptians lived poorly as a result.

  • Zirp
    Lv 7
    4 weeks ago

    No. for the past 400 years our economies have been growing because banks have been creating money in the form of credit

  • Oiy
    Lv 4
    4 weeks ago

    No, not at all. In economics, factor of production namely labors capital and technology would buil up the economy. You have to convert your raw materials into capital.

  • 1 month ago

    You're forgetting about labor. Without human beings actually working, raw material remains raw material and doesn't do anybody any good.

    Workers need to be paid what they're worth.

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  • 1 month ago

    Swiss banks are not based in raw materials. Bitcoin isn't.

    Would you call tourism as living off raw material ??

    • David1 month agoReport

      Yes, the tourist had jobs that were made possible by raw material. Everything ends with raw material

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