Chapter 8.7

Question 1

How are all goods manufactured?

Land, labour, capital

Answer 1

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).

Question 2

What is a supply chain?

Answer 2

The combination of different resources, businesses and information that moves a product or service from producer to consumer is known as the supply chain.

Question 3

What is supply chain management?

Answer 3

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.