Alchemy, one of the original professions launched with the game, mostly deals with the creation of consumables that players use to give themselves short-term increases in power (for example, more intellect or stamina), although they are known for transmutes as well, turning lesser metals or gems into rarer ones. The main products of Alchemy are as follows:
Potions
Elixirs
Flasks
Transmutes
While Potions, Elixirs, and Flasks are consumed directly by the end user when needed, the results of transmutes, gems, or metals, have to be cut or crafted into another item by another profession, such as Blacksmithing and Jewelcrafting, before being sold to the end user.
Most of the recipes in Alchemy are learned at random by creating other items, such as potions, elixirs, and transmutes. You can either try to force the discovery of these new crafts by mass-producing potentially unprofitable items, or you can play the waiting game and go about business as you usually would and wait...