SUPPLY AND DEMAND
The point where supply and demand intersect is called this.
What is equilibrium?
SCM stands for this in business.
What is Supply Chain Management?
The cost of the next best alternative given up when making a choice.
What is opportunity cost?
TEU in shipping stands for this.
What is Twenty-Foot Equivalent Unit?
An increase in this factor would shift the entire demand curve.
What is consumer income?
As the price of a product increases, this happens to the quantity demanded.
What is it decreases?
This type of delivery goes directly from manufacturer to retail stores.
What is Direct Store Delivery (DSD)?
This concept explains why every decision involves trade-offs.
What is scarcity?
This automated system stores and retrieves items in a warehouse.
What is an Automated Storage & Retrieval System (ASRS)?
When supply exceeds demand, this occurs in the market.
What is a surplus?
This economic law states that as price increases, quantity supplied increases.
What is the law of supply?
The fastest growing transportation mode in supply chains.
What is Intermodal?
Weighing the additional costs and benefits of an activity.
What is thinking at the margin?
S&OP in supply chain planning stands for this.
What is Sales & Operations Planning?
A shift in the supply curve can be caused by a change in this.
What are input costs?
A table showing the quantity of a good consumers will buy at different prices.
What is a demand schedule?
This system manages warehouse operations and inventory.
What is a Warehouse Management System (WMS)?
A good that must be used with another product.
What is a complement?
This type of planning helps match supply with customer demand.
What is demand planning?
This occurs when demand exceeds supply at the current price.
What is a shortage?
When supply meets demand, the market is in this state.
What is equilibrium?
The supply chain accounts for approximately this percentage of GDP.
What is 8.5%?
When a large price increase causes a small increase in supply.
What is inelastic supply?
This technology uses radio waves to track inventory.
What is RFID (Radio-Frequency Identification)?
The intent to achieve monetary gain in a business transaction.
What is profit motive?