Economics and Supply Chain Fundamentals

Vocabulary practice flashcards covering fundamental concepts in economics, logistics, and supply chain management based directly on the lecture notes.

Scarcity

A condition where needs exceed available resources.

Macro econ

Study focused on Big economy stuff.

Micro econ

Study focused on specific business stuff.

Opportunity cost

The value given up when a choice is made, such as forfeiting $90$ from an extra shift to attend a concert.

Imports

Stuff made in China sold in US.

Exports

Stuff made in US sold to outside country.

Elastic

Subject to change.

Inelastic

Doesn't change, with gas prices serving as an example.

Supply chain

Measures the process of goods to buyers.

Many Suppliers

A supply base setup characterized by reliability.

Few suppliers

A supply base setup characterized by relationship.

Forward in Vertical Integration

A business strategy focused on getting new opportunities.

Backward in vertical Integration

A business strategy focused on owning your own supplier.

Logistics

Planning getting something from point A to Point B.

Multi-Modal

Utilizing multiple types of ways of transport.

Purchasing Power

How much you can buy with certain money.

Complementary products

Products that are used together, increasing the value of each other.

Variable cost

Cost that changes based on how much a business sell.

Fixed cost

Cost that stays the same as output changes.

Expansion

The climbing up phase in the cycles of business.

Peak

The top phase in the cycles of business.

Contraction

The going down phase in the cycles of business.

Trough

The bottom phase in the cycles of business.