...By gaining control over as much land as they possibly could, the Europeans were able to establish cheap sources of raw materials for the production of FINISHED goods...
Europeans hoped that actively colonizing as much of the world between 17th and 19th century would create new markets that would supply them with even more raw materials to provide customers for finished goods.
by gaining control over as much land as possible, Europeans could establish cheap sources of raw materials for the product of finished goods is correct.
This was their reasoning as to why they expanded their colonies greatly during the 17th, 18th, and 19th century. However, they just wanted more territories and more money, as any nation does.