The Term Supply Chain Management and the Field of Study

question 68

Multiple Choice

The term Supply Chain Management and the field of study it represents today seems to have emerged in the:​

• A)​1980's
• B)​1970's
• C)​1960's
• D)​1990's

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Definitions:

Scale Economies

Cost advantages that a business can achieve due to expansion in the scale of production, leading to a reduction in average costs.

Patents

Legal documents granting an inventor exclusive rights to manufacture, use, or sell an invention for a certain number of years.

Cournot Model

Oligopoly model in which firms produce a homogeneous good, each firm treats the output of its competitors as fixed, and all firms decide simultaneously how much to produce.

Output

Represents the quantity of goods or services produced within a given period by a firm, industry, or economy.