Explain the underlying rationale for global trade and explain the difference between comparative and absolute advantage?
REQUIRED TEXT BOOK : C. Langley; C. John Langley; Robert A. Novack; Brian Gibson; John J. Coyle (2016) Supply Chain Management (12th Edition). Publisher: Cengage South-Western
Read and Review
Chapter 2 Global Dimensions of Supply Chains
Chapter 3 Role of Logistics in Supply Chains
After reading and reviewing this week’s text. Reflect and discuss the following questions:
1. Explain the underlying rationale for global trade and explain the difference between comparative and absolute advantage?
2. What are the essential factors for economic growth and increased development of global trade flows? Why are they so important in today’s global economy?
3. Provide a definition of logistics and a rationale for why is it important in private companies and public organizations?
4. Explain the importance of logistics important on a macro level and the contributions of logistics to the economy?