ECON 102 Discuss what GDP is and what it measures – Assignment Solution
Part 1: Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, Gross Domestic Product does not perfectly measure well-being of a nation and its citizens’ welfare. Discuss what GDP is and what it measures? Discuss what the shortcomings (limitations) of Gross Domestic Product as a measure of well-being and welfare of a nation are? Part 2: Evaluate the four building blocks of a supply network strategy and how they work together to form an effective supply chain. Review the case study “Surplus Styles” in your textbook on page 46. Then briefly answer questions 1 through 3. Also, provide your insights into how Derick should resolve his problem including (a) what steps he should take, (b) should he go out for quotes from a list of vendors or negotiate with his current vendor. Finally, think about and briefly discuss what the differences are when selecting vendors to meet cost points versus meeting quality standards.