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Learning Team Reflection Supply Chain And Demand Model (1)

828 words - 4 pages

Learning Team Reflection: Supply Chain and Demand Model
Team A
ECO/372
June 11, 2014

Learning Team Reflection: Supply Chain and Demand Model

What is a Supply Chain? Supply Chain Management?
A supply chain is a network of companies and services that have products available to consumers. For example, grocery stores hire farmers to raise vegetables and contract with different transportation agencies to bring them fresh into the stores. The supply chain gets “a good or service from the supplier to the customer (“Supply Chain”, 2014). Goods are often produced anywhere in the world, not necessarily at the local level; supply chain management makes them available in local neighborhood ...view middle of the document...

Individuals are less likely to spend the extra cash when the price of a product surges, therefore leading to less of a demand of the product or service. The models of law of supply and law of demand are explored together in order to determine prices of goods and services.

How does the Supply Chain relate to the Supply & Demand Model?
The supply chain model (SCM) is a management of the flow of goods and includes a system of organization, people, activities, information, and resources. When the organization moves raw materials into the processing plant, certain phases of the internal processing of materials turned raw materials into semi-finished goods and finished goods, and the transfer of those finished goods are transferred out of the organization into the hand of consumers thereby transcending multiple business units. It goes hand in hand with the supply and demand model, creating the needs and wants for consumers and organizations are supplying them with finished goods.
What is Supply/Demand Equilibrium and Disequilibrium?
When supply is equal to demand in the Supply and Demand Model, the Market reaches Equilibrium. This is allows the determination of price and quantity. Equilibrium also infers that there is no surplus as well as no shortage. When Market Disequilibrium occurs, it infers that supply and demand trajectories do not intersect and there is either a surplus or a shortage. A shortage will occur when quantity of the demand is higher than that of the supply and conversely a surplus will occur when the supply...

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