Global Supply Chains
What is the first second step in a supply chain?
Manufacturing
Name one reason why Australia trades with other countries.
Access to goods/services, profit
Name one global event that can disrupt trade.
COVID-19 / War / Natural disaster
What does the word “sustainability” mean?
Meeting needs without harming the future
What is innovation?
Improving an existing idea or product
What does the term “global supply chain” mean?
A network of production and delivery across countries
What role does tourism play in global interdependence?
It generates income and exchange between countries
How did COVID-19 impact supply chains?
Caused shortages and delays due to halted production and trade
What is an ethical issue in clothing production?
Sweatshops / child labour
What is specialisation in economics?
Focusing on producing one thing efficiently
Give one example of a product/industry with a complex global supply chain.
Cars/Phones/Computers
What does economic interdependence mean?
Countries relying on each other through trade.
What is one economic consequence of war between countries?
Inflation, trade disruption, shortages
Name one way companies can make their supply chains more sustainable.
Use renewable energy / fair labour
How does innovation give businesses an advantage?
Makes them more competitive
What can negatively impact global supply chains?
War, natural disasters, strikes
How does foreign investment affect interdependence?
Creates jobs and economic ties
How can extreme weather events impact global production?
Damages crops, halts transport
What is one benefit of businesses sourcing materials ethically?
Builds brand trust / better working conditions
Name one reason a country might have a competitive advantage.
Natural resources, skilled workers, tech
Why are supply chains important for businesses?
Reduces the time it takes to produce a product and minimises the cost of production
Describe how Australia is linked to Asia through trade.
Exports minerals/agriculture; imports retail goods
How did the Ukraine and Russia war impact the supply of a particular product?
oil/gas prices
Describe how consumers can encourage ethical trade.
Buy fair trade / avoid fast fashion
Compare innovation with invention.
Innovation improves existing ideas; invention creates new ones