Final answer:
A manufacturing company converts raw materials into finished products, often adding substantial value and generating significant profits. Historically, this sector provided many high-paying jobs, contributing to an improved quality of life for workers.
Step-by-step explanation:
The type of company that converts raw materials into finished products is known as a manufacturing company. These companies are critical in transforming items with little use value, such as logs, into valuable products like a dining room table, through a process that often yields high unit profits or value added per unit. In the past, the manufacturing industry was known for providing high-quality lives for millions of American workers through good-paying jobs, although many of these jobs have since been affected by factors such as international competition, shareholder interests, and government policies.