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SCM 461 > Exam 1 Flashcards > Flashcards

Exam 1 Flashcards

1
Q

Exports

A

Goods and Services produced domestically and sold abroad

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2
Q

Imports

A

Goods and Services produced abroad and sold domestically

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3
Q

Net Exports

A

Value of a nation’s exports; minus the value of its imports. (Same as Trade Balance)

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4
Q

Trade Balance

A

Value of a nation’s exports; minus the value of its imports. (Same as Net Exports)

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5
Q

Trade Surplus

A

Excess exports over imports

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6
Q

Trade Deficit

A

Excess of imports over exports

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7
Q

Balance Trade

A

Exports equal imports

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8
Q

Factors that can influence countries’ exports

A

Price of goods, exchange rates, the income of the citizens, Cost of transport, and policies made by the government.

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9
Q

Absolute Advantage

A

Being more efficient than other countries when it comes to producing a certain product.

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10
Q

Comparative Advantage

A

The difference in the cost of producing products in different countries. (Gains from trade arise)

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11
Q

Opportunity Cost

A

Whatever must be given up to obtain some item.

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12
Q

Global Flows and Trades contributing factors

A

Population, Urbanization, Land and Resources, Technology and Info, and Globalization

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13
Q

Technology and Info

A

Technology can be an internal or external driver of change. (Software inside of a business- internal) (New business models- external) Internet and robots are also other factors of technology

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14
Q

Basic Characteristics of Supply Chain

A

Three key flows: Products and related services, Information, and Financial (cash).

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15
Q

Product Flow

A

Dependent on effective transportation for all products delivered to customers.

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16
Q

Information Flow

A

Demand or sales data is responded by logistics to respond to customer’s orders.

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17
Q

Bull Whip Effect

A

Increasing swings in inventory in response to shifts in consumer demand for a product. (accurate information flows can help mitigate the bullwhip effect)

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18
Q

Financial Flow

A

Involves all flows of payment for goods, services, and orders.

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19
Q

Transportation Demand

A

A request to move a given weight or amount of cargo a specific distance between two specific points. (Measured in ton-miles) CWT

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20
Q

Economic Significance with Transport

A

Workforce mobility, growth of suburban areas, increased land and property values, and tourism.

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21
Q

Passenger Mile

A

Moving People. (One passenger moving 500 miles or 500 people going one mile, either one is 500 passenger miles)

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22
Q

Ton Mile

A

Moving Freight (500 tons for 1 mile, 100 tons for 5 miles, 1 ton for 500 miles; all are considered 500 ton-miles) CWT

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23
Q

Modal Split

A

A tool used to help divide passenger and freight movements according to use and by volume.

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24
Q

Modal Split (passenger miles)

A

The highway makes up 86% of transportation, Rail is 1%, Transit is 1%, and Air is 12%.

25
Q

Modal Split (Weight)

A

Trucks make up 67%, Rail is 10%, Water is 5%, Air is 0.08%, Mail is 8%, Pipeline is 8%, and the other 2% is other.

26
Q

Demand Elasticity

A

Elastic means price-sensitive and inelastic means that it isn’t price-sensitive.

27
Q

Landed Costs

A

The total cost of landed shipment including purchasing price, freight, insurance, and other costs up to to the port.

28
Q

Landed Cost (continued)

A 
Landed Cost - LC(P) = LC(S)
$50 + $0.60(x) = $50 + $0.50(200 – x)
$0.60(x) + $0.50(x) = $50 + $100 - $50
$1.10(x) = $100
x = 90.9 miles from P
29
Q

Landed Cost (continued)

A 
Landed Cost - LC(P) = LC(S)
$50 + $0.60(x) = $50 + $0.50(200 – x)
$0.60(x) + $0.50(x) = $50 + $100 - $50
$1.10(x) = $100
x = 90.9 miles from P
30
Q

Good Figures

A

See Chapter 2; Slides 23 and 24

31
Q

Time Utility

A

Enhancing a product’s marketability by making it available at a convenient time

32
Q

Place Utility

A

Where the product or service is made available

33
Q

Quantity Utility

A

Goods arrive without damage and are the correct quantity ordered.

34
Q

Economies of Scale

A

Cost advantages that companies obtain due to size, output, or scale of operation.

35
Q

Land Value

A

Transportation improvements that enhance an area’s economy can also increase the value of the land that is served or is adjacent to the area of improvement.

36
Q

Good Figures (2)

A

Chapter 2; Slide 31

37
Q

Downsides of some Transportation

A

Noise, Safety, Pollution, Regulations.

38
Q

Rate

A

The amount that can be found on a published tariff rate sheet

39
Q

Price

A

Denotes more flexibility because of competition

40
Q

Monopoly

A

Low number of sellers and low demand elasticity

41
Q

Marginal Cost (MC)

A

The increase in Total Cost from producing one more unit. MC = TC/Q

42
Q

Headhaul

A

The first half of a round trip. Origin to destination

43
Q

Backhaul

A

Return trip. Destination back to origin

44
Q

Class Rate

A

Provides a rate for any commodity between two points

Trillion of different rate options

45
Q

Exception Rate

A

Rates that are designed to allow carriers in a particular region to depart from the class rate

46
Q

Commodity Rate

A

Rate on commodities for specific origin – destination for specific commodities

47
Q

Simplify Quotes By;

A

Geographic Location, Commodity, and Rate Structure.

48
Q

Base Point

A

Major shipping points in defined areas

49
Q

Rate Basis Number

A

Distance between any two base points

50
Q

Executive Branch

A

Establishes Policy… U.S. Department of Transportation, Department of State,

51
Q

Intrastate vs Interstate

A

Interstate - Federal Regulation (jumps state lines)

Intrastate - State Regulation (Stays within state lines)

52
Q

Common law

A

Law developed from Prior Court Decisions

53
Q

Civil Law or Statutory

A

Enacted by legislative bodies

54
Q

Anti-Trust Laws

A

Ensures fair competition

55
Q

Per se violation

A

Illegal regardless of whether economic harm occurs

56
Q

Rule of Reason Violation

A

Economic harm to parties must be shown

57
Q

Nationalization

A

Government taking ownership of a company or industry

58
Q

Privatization

A

Opposite of nationalization

59
Q

Benefit/Cost Ratio

A

Net Benefits over project lifetime / Sum of initial project costs

SCM 461 (1 decks)

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