Supply as a part of the business model plays a substantial, albeit largely subtle vital role in business. It is the basis of procurement activities.
It has always been part of any economy. Historically, the graphical representation of supply curve data was first used in the 1800s, and then came to the limelight in the late 1890s after being published in a textbook, “Principles Of Economics”.
Ever since the first rumblings of the global financial crisis, businesses have been feverishly stripping out costs and financial institutions have been aware of the potential profits to be had across the supply chain. The expectation of procurement also shifting.
After the shift, we can see a recovering economy thanks to the suppliers and procurement officers. It is therefore important to understand the basics like types of supply and types of commodities as we gradually try to make a transformative impact on both small and large businesses.