Trade

GDP

Gross domestic product

total value of all goods and services produced in country

GNP

Gross National Product

A measure of a country’s total economic output
Income earned by residents and businesses. Indicate a country’s economic health + STD living

Supply Chains

network of individuals and companies that are involved in creating a product and delivering it to the consumer.

suppliers → manufacturers → distributors → retailers → consumers

Stages of supply chains

Raw materials sourcing
Collecting of materials from nature - eg. cotton
Manufacturing/production
Rare materials are processed into finished products. This may require several steps.
Warehousing and storage
Transport to warehouses and storage of goods until distribution.
Distribution and transportation Transport to distribution shops.
Retail and end-user delivery Customers to buy product.

Challenges to global supply chains

Floods, bushfires, Covid19, port backlogs, strikes and/or global events can cause delays.

Delays = higher prices for the consumer.

Trade disagreements → tariffs

Sustainable and Ethical Supply Chains

make efforts to ensure supply chain takes actions to protect the environment and ↓ carbon emissions, ↓ waste and pollution and ensure that workers are paid fairly.