Scarcity of minerals does not raise the price of material goods much because raw materials typically account for only a small fraction of the price of consumer goods.

Question

Quizplus · Accepted Answer

The cost of raw materials is often a small portion of the total cost of consumer goods, which also includes manufacturing, labor, marketing, and distribution costs. Therefore, scarcity of minerals may not significantly impact the overall price.

Scarcity of Minerals Does Not Raise the Price of Material