Define each of the following terms as you are responding to the questions. I am looking for more than a simple definition or cryptic response. What are your thoughts

1.Compare and contrast efficient (that is, low-cost) versus responsive (that is, flexible) supply chains.

2. Define the bullwhip effect and discuss its impact on the measures of supply chain performance.

3. When considering product manufacturer (or processing), the following terms may come into play: logistics, operations, supply chain, and value chain. Define each of these terms, and discuss the value of each.