Maybe this will help:
jpeg = frozen pizza, limited pre-determined choices
raw = local, fresh, artisan pizza with toppings to your liking
To be more accurate
jpeg is ordering a pizza and waiting for it to be delivered
RAW is being in the kitchen monitoring and changing how the pizza is made
and just like in cooking, just being in the kitchen changing stuff does not mean the product will be better.
RAW allows the photographer to change a bunch of things with the image. It does not guarantee that these changes will be good.
My Dr. says Pizza, frozen or from a restaurant has too much salt. How about this analogy:
jpeg is like your camera took the sensor data and produced a photo based on the settings you applied in camera like white balance and sharpness. Adjusting them after the fact is difficult and less effective. Set your camera to black and white for example, and you have no color information. On the other hand if you don't apply crazy setting these images generally look good.
Raw is like your camera recorded the sensor data. Settings like white balance and sharpness are recorded. When the image is displayed these settings may be displayed, but they can be changed. The black and white setting for example can just be removed and the image rendered in color. These images ussually look dull and flat to begin with and require some work, but with practice the results can be great. And groups of images can be batch processed o make many look great.
Oh and I love Pizza.