Supply Chain
This network consists of all the people, firms, resources, and steps used to produce and deliver a finished product to a buyer
What is a supply chain
Thousands of shipping containers getting stuck at the Port of Los Angeles for weeks represents this category of disruption
What is a transportation problem
The acronym SWOT stands for these four components used in strategic planning
What are Strengths, Weaknesses, Opportunities, and Threats
This market structure features many sellers trying to win customers, which typically lowers prices and improves quality
What is Competition (or Perfect Competition
This is a period of time when broad economic activity rises, characterized by more jobs, more spending, and higher production
What is an economic expansion
These are the foundational resources—such as labor, materials, energy, and parts—used to manufacture goods
What are inputs
A sudden rush of people buying out all available toilet paper due to panic is an example of this supply chain shock
What is a demand shock
In a SWOT matrix, these two components represent purely internal factors within a person or business's control
What are Strengths and Weaknesses
This market structure occurs when a single company completely dominates the entire industry, leaving consumers with no close substitutes
What is a Monopoly
This specific economic phase is defined as a significant, widespread decline in economic activity lasting at least two consecutive quarters
What is a recession
This business field involves the strategic planning and moving of goods efficiently, including shipping and routing
What is logistics/Transportation
A war that causes countries to abruptly halt the trading of wheat and oil with one another falls under this disruption category
What is a geopolitical issue
In a SWOT matrix, these two components represent purely external factors coming from the outside environment
What are Opportunities and Threats
This market structure is dominated by just a few large firms, such as major commercial airlines or cell phone providers
What is an Oligopoly
These are the four main phases that make up a standard business cycle
What are Expansion, Peak, Contraction (Recession), and Trough
This is a single step in a supply chain that slows down the entire process, increasing lead times and costs
What is a bottleneck
Factories in China closing because workers are quarantined during a major virus outbreak is an example of this category of disruption
What is a health crisis
If a business has an unstable website that frequently crashes and angers its current customers, this is classified as this SWOT quadrant
What is a Weakness
These are obstacles—such as high start-up costs, patents, or regulation—that make it difficult for new firms to enter an existing market
What are barriers to entry
This phase represents the absolute high point of the business cycle, where resources are heavily utilized and inflation begins to rise
What is the Peak
Name 4 of the 7 parts of supply chain process
Raw Materials, Parts, Manufacturing, Transportation, Warehousing, Retail, Consumer
Bottlenecks do not just delay products; they also raise these three specific background costs for businesses
What are storage fees, overtime, and rush shipping
You own a ice cream shop. Hurricane season is very active and many customers aren't going to your business. What is this on SWOT?
What is a Threat?
This illegal practice occurs when competitors secretly cooperate to fix high prices instead of actively competing against each other
What is collusion
This phase is the absolute lowest point of the business cycle, where economic activity is at its weakest right before a recovery begins
What is the Trough