For this module we have an interesting case describing one of the hot new topics in practical economics -- "supply chain management". A good article on this topic is available in Proquest Implementing supply chain management http://proquest.umi.com/pqdweb?did=59180730 & Fmt=4 & clientId=29440 & RQT=309 & VName=PQD Production and Inventory Management Journal; Alexandria; Second Quarter 2000; Brad R Ferguson; SCM is a process whereby firms build a set of relationships among their suppliers and the suppliers of their suppliers, sharing information such that production times and inventory requirements are reduced and the flow of supplies is increasingly efficient. In an economic arena where profit margins are increasingly slim and competitive advantage is maintained by speed and collaboration, SCM is a very interesting development. But then there logically arises Demand Chain Management. (see attachment) Are we better or worse off? Please read this article. Then in a two page MS Word document, please address the following questions: 1. Define at least two advantages of supply chain management over traditional competitive procurement processes. 2. Define at least two disadvantages of supply chain management over traditional competitive procurement processes. 3. If supply chain management is actually a superior way of managing procurement and production, how (if at all) does that modify any of the economic "big ideas" we examined in Module 1? (Check back on the presentation for Module 1 if you don''t remember them.)