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VERTICAL INTEGRATION: The situation in which a firm participates in more than one successive stage of the production or distribution process. For example a soft drink company that also controls a sugar-producing firm is said to be vertically integrated because the soft drink company does not have to buy sugar from other firms to produce soft drinks. In some cases, two separate firms are vertically integrate because one firm produces a good or service and the other distributes it.
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EFFICIENT The state of resource allocation that exists when the highest level of consumer satisfaction is achieved from available resources. This state can be accomplished through markets when the price buyers are willing and able to pay for a good--based on the satisfaction obtained--is equal to the price sellers need to charge for a good--based on the opportunity cost of production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Things turn out best for the people who make the best of the way things turn out." -- Art Linkletter
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OCC
Options Clearing Corporation
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