Supply Chain & Trade Dynamics
Which country is the largest exporter of oil?
Saudi Arabia
What is a circular economy?
an economy that aims to minimise waste and make the most of resources.
Name one famous international trade agreement.
- North American Free Trade Agreement (NAFTA)
- Malaysia-Korea Free Trade Agreement (MKFTA)
What is the main purpose of a supply chain?
to efficiently produce and deliver goods and services from the origin point to the end consumer
What does economic inequality refer to?
The disparity in wealth and income among individuals and groups within a society
What is the primary role of raw material suppliers in the supply chain?
They provide the necessary inputs for manufacturing.
What is the primary goal of sustainable development?
to meet the needs of the present without compromising the ability of future generations
How do international trade agreements promote interconnectedness?
- reducing trade barriers such as tariffs and quotas
- harmonizing regulations and standards.
What is the primary benefit of using digital technology in supply chain management?
- It provides transparency and efficiency
- helping track the movement of goods
- manage inventory
- ensure product authenticity
What is the primary cause of economic disparities highlighted by historical and structural factors?
Colonial history and the exploitation and resource extraction by colonial powers.
What is the impact of natural disasters on supply chains?
- can cause delays
- reduce the availability of raw materials
- disrupt transportation and communication networks.
What are the three main aspects of sustainable economic development?
- Economic development
- environmental protection
- social well-being.
How does the Malaysia-Korea Free Trade Agreement (MKFTA) benefit the two countries?
It makes it easier for Malaysia and Korea to buy and sell goods and services across borders, promoting economic integration and growth.
What is the primary benefit of using digital technology in supply chain management?
increase efficiency
Discuss one policy measure that can be used to reduce economic inequality within a country
- implementation of progressive taxation
- helps to redistribute wealth from the richest individuals to fund public services and social programs that benefit lower-income groups.
- finance education, healthcare, and social welfare programs
Explain the concept of interdependence in the global supply chain using functionalism theory
each component has a specific role that supports the entire system
Give an example of how a social enterprise can contribute to sustainable economic development
Teach for Malaysia recruits and trains graduates to teach in underserved schools, improving access to quality education and reducing educational disparities
What challenges do countries face when coordinating economic policies for integration?
Countries have different priorities and economic structures making it challenging to negotiate and compromise on trade policies.
Describe the role of technology failures in supply chain disruptions
- computer system crashes
- security breaches that compromise sensitive information
- delays and increased costs
What impact do economic policies have on economic inequality?
- regressive tax systems
- inadequate social safety nets
How does specialization improve the efficiency of a global supply chain?
Specialization allows each part of the supply chain to focus on what it does best, improving overall efficiency and quality.
How does entrepreneurship drive innovation in sustainable economic development?
Entrepreneurs identify market gaps and develop innovative technologies and business models that prioritize sustainability.
Explain the significance of the European Union's Single Market.
- allows for the free movement of goods, services, capital, and people among its member states
- creates a harmonized economic environment to facilitate trade and economic growth.
How does digital technology facilitate global economic integration?
- enables real-time communication
- data exchange
- e-commerce
- online trade
- swift financial transactions
- efficient supply chain management
- global collaboration
Analyze the role of gender discrimination in perpetuating economic inequality
- women earning less than men for the same work
- facing barriers to career advancement
- being overrepresented in low-paying jobs
- unpaid care work