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make

or

buy

the decision by a firm on whether to make a component or product itself or to buy it from an external supplier (see OUTSOURCING). The decision will depend upon the combined production costs and TRANSACTION COSTS of the alternatives. Sometimes a firm may adopt mixes of the two policies, producing some quantity of the product itself and buying the remainder, depending upon the relative costs of the sources and security of supply considerations. See TRANSACTION for a more detailed discussion. See INTERNALIZATION, VERTICAL INTEGRATION.
References in classic literature ?
With such men the power of making treaties may be safely lodged.
It was wise, therefore, in the convention to provide, not only that the power of making treaties should be committed to able and honest men, but also that they should continue in place a sufficient time to become perfectly acquainted with our national concerns, and to form and introduce a a system for the management of them.
I venture to add, that the particular nature of the power of making treaties indicates a peculiar propriety in that union.
However proper or safe it may be in governments where the executive magistrate is an hereditary monarch, to commit to him the entire power of making treaties, it would be utterly unsafe and improper to intrust that power to an elective magistrate of four years' duration.
I have been surprised to find, making allowance for the instincts of animals having been but little observed except in Europe and North America, and for no instinct being known amongst extinct species, how very generally gradations, leading to the most complex instincts, can be discovered.
The working part of this day and of the next were wholly employed in making my table, for I was yet but a very sorry workman, though time and necessity made me a complete natural mechanic soon after, as I believe they would do any one else.
Thus I was deprived of some of my glory, and I remember once only making her laugh before witnesses.
Phebe was making tea by the study fire, for the Doctor had forgotten to eat and drink since Rose was ill, and Aunt Plenty insisted on his having a "good cordial dish of tea" after his exertions.
But Jacinto would not let them, making them desert.
We wanted, as I have said, above two days' journey of this city when messengers were sent express to every part of the road to tell all travellers and caravans to halt till they had a guard sent for them; for that an unusual body of Tartars, making ten thousand in all, had appeared in the way, about thirty miles beyond the city.
Pratt had time, although she did not hear the cry for help, but woke up some moments later, to run to that room--and there she found these men standing and making no effort to escape.
Every one was struck with the appearance of Ulysses, for Minerva had beautified him about the head and shoulders, making him look taller and stouter than he really was, that he might impress the Phaeacians favourably as being a very remarkable man, and might come off well in the many trials of skill to which they would challenge him.