The purchasing of supplies, services, and raw materials for use in the production process is known as procurement.

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Procurement refers to the process of acquiring goods and services. In a business context, procurement often involves purchasing supplies, services, and raw materials that will be used in the production process. This can include everything from office supplies and equipment to industrial machinery and raw materials like steel or chemicals. Effective procurement is critical for ensuring that a business has the resources it needs to operate efficiently and effectively.

The Purchasing of Supplies, Services, and Raw Materials for Use