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Jerald, a budding young artist of four, decides to use his mother's new white shag carpet as a canvas for his peanut butter and jelly impressionist piece. When his mother (who does not appreciate art) discovers his work, she grabs Jerald by the collar, pulls him toward her, and give him a stern smack on the bottom. Jerald ceases smearing the carpet with peanut butter and jelly. This treatment of Jerald is a good example of
Joint Process
A production process in which two or more products are generated simultaneously from the same raw materials or input.
Vertical Integration
The involvement by a company in more than one of the activities in the entire value chain from development through production, distribution, sales, and after-sales service.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.
Supplier
A supplier is a person or company that provides goods or services to another entity, typically involved in the supply chain.
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