Final answer:
Manufacturing is the concept that buys raw materials and produces goods for sale to others, encompassing production, marketing, and distribution activities.
Step-by-step explanation:
The concept that buys raw materials and produces goods for sale to others is known as Manufacturing. Manufacturing concerns itself with the production of goods and involves transforming raw resources through various processes. This sector includes not only the production of end products but also involves marketing and distribution. The decisions made in the manufacturing process address questions like what goods will be produced, how they will be produced, and for whom they will be produced. These decisions are crucial as they define a firm's behavior and its potential success in creating outputs that are more valuable than the inputs.
Contrastingly, Wholesaling involves selling goods in large quantities at lower prices, typically to retailers or professional users. Retailing refers to selling goods directly to the public for personal use, while Distribution involves the transportation, storage, and delivery of goods from the point of production to the point of sale.