Raw materials are unprocessed expense items. They become a physical part of the goods the firm makes. Farm products are grown or raised by farmers. Natural products are those that occur in nature, such as wood and mineral ores. Component Parts and Materials.
Components are processed expense items that become part of a finished product.
Component parts are finished or nearly finished products in themselves that go into other products, like tires for a car. MRO stands for Maintenance, Repair, and Operating supplies. Maintenance supplies include products like paint and light bulbs. Repair supplies are parts needed to fix worn or broken equipment. Operating supplies include things needed to do the work, like copier toner and paper clips.