Smartphone

As technology and computers have become more and more advanced, they have also become more portable. Smartphones are the intersection of modern computing and telecommunication in the palm of your hands. They feature cellular phone, software, internet, and multimedia functionality. They typically feature various sensors that can be used by the device, such as magnetometers, proximity sensors, barometers, gyroscopes, and acceleromters and support various wireless communication protocols.
While early smartphones were geared towards enterprise consumers, they have become a staple consumer good and are owned by peoples of all classes. The propagation of this technology has been leading the wave in the new trend of social media.

Mechanics & Inner Workings

Smartphones are a complex electronic device. They consist of many different individual components.
There will be a microprocessor, memory, and radio transceiver for wireless communication. There will be a crystal, usually quartz, which is used to keep local timings. There will be a screen, touch screens are the standard these days. Most have a headphone jack so that someone can listen to music or videos. Some brands have expandable memory.
They will have a hard plastic or aluminium case.
Different manufacturers also have different operating systems. These allow different software solutions for a variety of interests.

Manufacturing process

The manufacturing of this kind of device is incredibly complex. Each part is made by different manufacturer, in different locations. The processors, motherboards, memory, transceivers, etc are all made by different companies in different cities. The existence of these devices are a testament to the globalization of the economy and the ease of modern transportation.

Significance

The technology has allowed for an information and social revolution to ripple through society.
This allows people to communicate to the world with just a couple presses of a button.

Rarity

Incredibly common. There are luxury brands which are rare.

Raw materials & Components

The device is composed of silicon, plastics, and precious metals.