So, what are they? What are the differences? What are the benefits and drawbacks of each? Which should you use?*
Now with the basics out of the way, let's take a closer look at the idea of a raw file. I like Mike Browne's cake metephor.
If you want to learn more, I'd recommend "File Formats in Photography".
* Note that this discussion mainly applies to digital SLR cameras, since smartphones usually only allow jpeg formats.
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