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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 ?
Meanwhile, the impact of currency crisis in India has also made ways in Pakistan.
The Philippine missions in the UAE have made ways to stretch the voting hours - even extending to 29 hours straight on the last two days - in the month-long Overseas Elections.
He explained that "Daash send / 7 / bombers yesterday and blew themselves up north of Samarra and Mkeshifah", pointing out that the security forces and elements of the popular defense forces made ways to escape for all of those forced by Daash to fight force because the security forces did not surround areas of Salahuddin completely.