Coase's theory of the firm

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• Mainstay The most important part of something, the concept
• Standardised goods A good that customers value the same no matter what company who sells it
• Suffice Be enough
• Reluctant Unwilling
• Prominence The state of being important/noticeable
• Lament Express sadness/complaint
• Rigorous research Extremely thorough and careful research
• A vast array A large group of things/people that causes admiration
• Elucidate Explain/make it clear
• Vertical integration A company buys another company that supplies or buys goods from it, in order to control the whole process of a production
• Horizontal integration A company buy another firm that operates at the same level of the value chain in an industry
• Entity A thing with independent existence
• Assets A useful/valuable item/person
• Plant Integrated workplace/factory (building and the equipment at a particular location that is used for the production of goods
• Residual rights Rights that allow the stockholders to share the company's profits
• Incentive A thing that motivates or encourages someone to do something
• Innovate Introduce changes/ideas
• Commission A sum of money that is paid in order to do a task
• Renew a policy Continuation of coverage (policyholder extend their contract with insurance companies)
• Defer Delay, postpone
• To shirk Avoid work/duties
• Perfectly aligned Perfectly supportive or on the same side
• Key-assets Knowledge that your business has that is critical to the operation of your business. Ex: trade secrets, copyrighted material, product design
• Franchise A right to sell a company’s products using the company’s name
• Royalty fee A charge the franchised business needs to pay
• Ban Forbid
• Perverse outcome strange or unexpected outcome
• Cement long-term ties Make long-terms permanent
• Supersede Replace something

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