UNIT 1 & 2-Supply Chain Management I

A Social Science that studies the production, distribution, and consumption of goods and services within an economy.

• ECONOMICS

• SOCIAL STUDIES

• BUSINESS

• SUPPLY CHAIN

Defined as the fundamental economic problem of meeting people's virtually unlimited wants with scarce resources.

• LABOR

• ECONOMICS

• SCARCITY

• MARKET

The tools, equipment, machinery, and factories used in the production of goods and services.

• LABOR

• CAPTIAL or CAPTIAL GOODS

• GOODS

• SERVICES

A risk-taker in search of profits who does something new with existing resources.

• CAPITALIST

• ECONOMIST

• INVENTOR

• ENTREPRENEUR

Any good that last more than 3 years when used on a regular basis.

• SERVICE

• CONSUMER GOOD

• NONDURABLE GOOD

• DURABLE GOOD

Takes place in production, when workers perform only tasks they can do better or more efficiently than others.

• INNOVATION

• SPECIALIZATION

• DIVISION OF LABOR

• SPECIFIC TASKS

This is the cost of the next-best alternative.

• OPPORTUNITY COST

• TRADE-OFF

• DEBT

• STRATEGY

The quality of life based on the ownership of the necessities and luxuries that make life easier.

• COST BENEFIT ANALYSIS

• STANDARD OF LIVING

• POSSIBILITIES FRONTIER

• ECONOMIC MODEL

Economic system in which the allocation of scare resources and other economic activities are based on ritual, habit, or custom.

• Traditional

• Market

• Command

• Mixed

The economic term for an organized way in which a society provides for the wants and needs of its people.

• Economic System

• Business

• Allocation

• Government