Product Suite

Supply Chain Glossary - S

Supply Chain Glossary - S

scarcity

A concept central to economics-that less of a good is freely available than consumers would like.

A graphical technique to analyze the relationship between two variables. Two sets of data are plotted on a graph, with the y axis used for the variable to be predicted and the x axis used for the variable to make the prediction. The graph will show possible- relationships (although two variables might appear to be related, they might not be-those who know most about the variables must make that evaluation). The scatter chart is one of the seven tools of quality. Syn: cross plot, scatter diagram.


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