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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 ?
Huber to be a slave-making ant. This species is found in the southern parts of England, and its habits have been attended to by Mr.
There in the Black Forest, on the mountainside, I saw an ant go through with such a performance as this with a dead spider of fully ten times his own weight.
But we might give the ants a commission to look out for us; they run to and fro as if they had something to do, and they certainly know of a wife for our little snail!"
The ants were pouring down a glacier of loose earth heaped between the stones of the ruin--large brown ants with polished bodies.
One day when I went out to my wood-pile, or rather my pile of stumps, I observed two large ants, the one red, the other much larger, nearly half an inch long, and black, fiercely contending with one another.
(Ant. 2) Now Victory to Thebes returns again And smiles upon her chariot-circled plain.
(Ant. 2) Hither haste, my son, arise, Altar leave and sacrifice, If haply to Poseidon now In the far glade thou pay'st thy vow.
Fortunately, the ground where the tent had been pitched, being Just before the city gates, was hard and smooth; and while the Ant still crawled about, Glinda discovered it and ran quickly forward to effect its capture But, Just as her hand was descending, the Witch, now fairly frantic with fear, made her last transformation, and in the form of a huge Griffin sprang through the wall of the tent -- tearing the silk asunder in her rush -- and in a moment had darted away with the speed of a whirlwind.
But the ant enjoyed a better fate than the fly, and escaped the fatal jaws which lay concealed at the base of the conical hollow.
(Ant. 2) All-seeing Time hath caught Guilt, and to justice brought The son and sire commingled in one bed.
With the ant-heap the respectable race of ants began and with the ant-heap they will probably end, which does the greatest credit to their perseverance and good sense.
The ant-king had come in the night with thousands and thousands of ants, and the grateful creatures had by great industry picked up all the millet-seed and gathered them into the sacks.