make

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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 ?
But, when I had paid for about a dozen chickens that he had killed; and had dragged him, growling and kicking, by the scruff of his neck, out of a hundred and fourteen street fights; and had had a dead cat brought round for my inspection by an irate female, who called me a murderer; and had been summoned by the man next door but one for having a ferocious dog at large, that had kept him pinned up in his own tool-shed, afraid to venture his nose outside the door for over two hours on a cold night; and had learned that the gardener, unknown to myself, had won thirty shillings by backing him to kill rats against time, then I began to think that maybe they'd let him remain on earth for a bit longer, after all.
The third day one of the messengers came back, and said, 'I have travelled two days without hearing of any other names; but yesterday, as I was climbing a high hill, among the trees of the forest where the fox and the hare bid each other good night, I saw a little hut; and before the hut burnt a fire; and round about the fire a funny little dwarf was dancing upon one leg, and singing:
Still hems him round and round, And a spirit may not walk by night
Hatta looked round and nodded, and went on with his bread and butter.
As soon as the ignoramuses came to understand as much as the director of the observatory himself knew, they began to worry themselves regarding her revolution round the earth, whereupon twenty scientific reviews immediately came to the rescue.
Soon his steady, ivory stride was heard, as to and fro he paced his old rounds, upon planks so familiar to his tread, that they were all over dented, like geological stones, with the peculiar mark of his walk.
And Korsunsky began waltzing with measured steps straight towards the group in the left corner, continually saying, "Pardon, mesdames, pardon, pardon, mesdames"; and steering his course through the sea of lace, tulle, and ribbon, and not disarranging a feather, he turned his partner sharply round, so that her slim ankles, in light transparent stockings, were exposed to view, and her train floated out in fan shape and covered Krivin's knees.
The Dodger and Master Bates, unwilling to attract public attention by running down the open street, had merely retured into the very first doorway round the corner.
It was an old old scarf, full of rents, but it would make a becoming border round her shoulders, and set off the whiteness of her upper arm.
Every night it flew round the Glass Mountain keeping a careful look-out, and no sooner had the moon emerged from the clouds than the bird rose up from the apple-tree, and circling round in the air, caught sight of the sleeping youth.
He stripped off his clothes, and jumping on its back, rode into the water till it was out of its depth; then slipping off over the crupper, he caught hold of the tail, and as often as the horse turned round the man frightened it back by splashing water in its face.
By the sixth round the wise gazabos was offerin' two to one against me.