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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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
And when the first two Saints batters made outs, the contest almost assuredly looked like it was headed to extras.
Miller faced 13 batters - four made outs; four walked, including the first two of the game; and five got hits, including a three-run homer by Ian Kinsler in the second.
The Kaneland junior third baseman made outs in her first two at-bats and quickly found herself down 0-2 in her third at-bat in the bottom of the fifth inning.