SCMN 3710- Exam 1- 102 Questions- With Complete Solutions

What external change drivers have had the most impact on the development of global supply chains in the 21st century? correct answer: Technology Describe the evolution from the physical distribution concept of the 1960s to the integrated logistics concept of the 1980s to the supply chain concept of today. correct answer: Supply chains are extended enterprises which require managing four flows- products, information, financials (cash), & demand on a collaborative basis. What is meant by extended enterprise? correct answer: A loosely coupled, self-organizing network of firms that combine their economic output to provide products & services offerings to the market. What are the 3 two-ways supply chain flows (not demand)? correct answer: - Production/Service Flow - Information Flow - Finance/Cash Flow Which retailer was #1 in sales in 2018 (as well as 2000 & 2010)? correct answer: Walmart Explain how absolute advantage & comparative advantage provide a rationale for global trade. correct answer: - Absolute Advantage: Lower cost &/or access to items not available locally. - Comparative Advantage: Differences in the cost of producing products in different countries. What is the most populous country in the world & which one is expected to be the most populous by 2050? correct answer: China & then India What is a megacity? correct answer: A very large city, typically one with over a population of over 10 million people.