AP®︎ Business with Personal Finance: Topic 1.8 Flashcards
Master key terms and definitions for Topic 1.8 of AP Business with Personal Finance – Supply Chains to help you prep for quizzes and the AP exam.
Production Process
The organized sequence of activities through which a business creates a good or provides a service
The organized sequence of activities through which a business creates a good or provides a service
A production process relying heavily on skilled labor, craftsmanship, and attention to detail, often for customized or small-batch products
The use of technology, machinery, assembly lines, and standardized procedures to produce large quantities of goods
The qualities customers value, especially quality, price, and customization, that a production process must support
The prices, product features, quality levels, and production capabilities of a business’s rivals
The connected individuals and businesses involved in acquiring inputs, producing a product, and delivering it to the final customer
A chain that moves raw materials and components through manufacturing, possible storage and distribution, and final delivery to customers
Basic resources used to make products, such as cotton, timber, metal, or petroleum
Previously manufactured inputs incorporated into another product, such as chips, batteries, zippers, or tires
An individual or business that provides raw materials, component parts, equipment, or other necessary resources
A location where workers and equipment transform inputs into finished goods
Completed products ready for sale or distribution
A facility used primarily to store goods
A facility that receives, organizes, sorts, and redirects goods toward retailers or customers
A business that sells products to final customers
The movement and coordination of resources and products through a supply chain
Upstream stages are closer to raw-material and component suppliers; downstream stages are closer to distribution, retail, and final customers
A chain that acquires the employees, resources, technology, and delivery systems needed to provide a service in person or virtually
A plan identifying needed inputs and suppliers, production and transportation methods, storage and distribution, risks, and alignment with competitive strategy
The possibility that an event or condition will delay delivery, interrupt production, reduce quality, increase costs, or damage reputation
A supply chain that obtains and moves resources within a relatively limited geographic area
A supply chain operating across a broader geographic region without the full reach and complexity of global sourcing
A supply chain that crosses national borders to obtain resources, produce goods, or reach markets
Building higher-capacity or more efficient operations intended to produce an increase in revenue greater than the increase in costs
An agreement that prevents a supplier from selling a particular input or component to rival businesses
An agreement that prevents a retailer or distributor from carrying rival products
The total expense of using a supplier, including purchase price and costs from transportation, storage, delays, defects, and replacements
Whether a supplier’s inputs consistently meet the business’s required specifications and performance standards
How effectively a supplier uses resources and time to provide the correct inputs in needed quantities without unnecessary waste or delay
How easily a business can work with a supplier, considering factors such as location, delivery speed, flexibility, communication, and system compatibility
