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Team Summary

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Submitted By whynot23223
Words 542
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Reflection Summary
Gene Kimball, Rachel Diaz, Nikki Smith
ECON/372
June 1, 2014
Spyridon Patton

Reflection Summary
A supply chain is the system of organizations, people, activities, information, and resources required to put a product or service in motion. Activities of the supply chain change natural resources, raw materials, and components into a final product that is delivered to the consumer or customer. In some supply chains; used products can come back into the supply chain in a recycling value.
In other words a supply chain is when all of the parties involved are directly or indirectly working for customers. This includes transportation, warehouses, retailers and customers. All of this creates a dynamic and constant flow of information. Walmart is a good example of a supply chain. When a customer buys a product is has been in inventory at the warehouse, delivered by a truck by the manufacturer who deals with packaging and raw materials.
Supply and demand is an economic model of price determination in a market. For example, in a competitive market, the unit price for a specific good will vary until it settles at a point where the quantity demanded by consumers, at current price, will equal the quantity supplied by producers, at current price. This results in economic equilibrium for price and quantity.
The supply and demand is controlled by the demand of a product, which in turn creates supply. The model shows where the point determines prices and quantities where supply and demand come together. A market has to be created through demand by its customers, and a collection of buyers and sellers of goods and services.
The main difference between these two types of economic models is that one is based on what is produced by the organization and the consumer bases the other on the demand for the product. The supply chain is really the step it

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