Chapter 8.7 Flashcards
1
Q
How are all goods manufactured?
Land, labour, capital
A
All goods are manufactured using a combination of raw materials (known to economists as land), human skill and effort (labour), and factory buildings and equipment (capital).
2
Q
What is a supply chain?
A
The combination of different resources, businesses and information that moves a product or service from producer to consumer is known as the supply chain.
3
Q
What is supply chain management?
A
Supply-chain management is the management of the flow of goods and services, including the movement and storage of raw materials, of work-in-progress inventory, and of finished goods, from point of origin to point of consumption.