Cooking analogy:
Shooting in RAW format is like having the raw ingredients to cook a dish. You choose which ingredients to add, how much of each, and how you cook them. Jpg is the end result --the final prepared meal. While you can still make adjustments to the jpg, like adding "salt & pepper", "ketchup", or "dressing", you can't undo what has already been done to it, and the unused raw ingredients have already been thrown away. Once that chicken has been fried, you can't "unfry" it to make baked chicken. Once that steak has been burned on the grill to the point of becoming shoe leather, there's only so much you can do to recover it . You can add some steak sauce to try to mask the charcoal taste, but you won't recover the natural juices and flavors that burned off. Cooking a dish that has already been cooked can dry it out, just like re-saving a jpg from a jpg from a jpg, etc., will reduce the quality of the image (like sending a fax of a fax of a fax).
All cameras capture RAW, but not all of them allow you to save the RAW file to the memory card. When you shoot in jpg mode the camera is actually shooting a RAW image, and the processor in the computer "cooks" that RAW file with its own "recipe" of white balance, exposure, saturation, contrast, sharpening, etc., and spits out a jpg file. If you, the photographer, have command of your camera, exposure, and lighting, and achieeve consistent results, then you may not need the extra leeway that RAW gives in post-processing. You'd be fine shooting jpg.
When you shoot RAW, then you can process it on the comptuter. Basically you do what the camera would have done if you had shot jpg. However, instaed of a "stupid" computer chip in the camera making decisions you choose how to process it. When you shoot RAW, the image you see on the camera's LCD panel and the thumbnail you see on the computer is actually a tiny jpg preview that is embedded within the RAW file. That image represents what the shot would have looked like if you had shot in jpg mode. The proprietary RAW processing software that came with your camera recognizes the camera settings that were in place when you took the image, and it can spit out a jpg image that will look just like if you had shot jpg straight from the camera. If you open the RAW image in a third-party program, like Lightroom or Photoshop's Adobe Camera RAW (ACR), then what you'll likely see if a different rendition of the RAW file. It ignores, or cannot decode, the in-camera settings, figuring that if you wanted them you would have shot jpg.
RAW files, because they contain so much data, are usually much larger than jpg files straight out of camera. For this reason, they take longer for the camera to write them to the memory card. If you're shooting several frames in succession, the camera's buffer will fill quicker if you're shooting RAW files, and the number of frames you can shoot per second will be lower than if you shot jpg. For this reason it's not uncommon for sports photographers to shoot jpg. Additionally, pro sports and news photograhers need their images to be instantly ready for uploading; they don't have time to process RAW files. Minutes and seconds can be an eternity in that world. If someone scores an amazing touchdown, Sports Illustrated wants the shot on their web page the next minute. The same goes for news; if you're not first, you're last.
So, there are times that RAW may be more appropriate, and other times where jpg may be more appropriate.