Vertical integration is a manner of organizing the supply chain of a company, in which the firm owns the facilities where the different parts of the production process are performed (obtention of raw materials, intermediate transformations, final transformation, etc), instead of buying intermediate goods or raw materials from suppliers, to subsequently produce their own products.
Vertical integration requires extremely high levels of investment, but if a firm can afford to follow this strategy, it will experience a drastic cost reduction and productivity improvements in its production process. Vertical integration enhances the produdction capacity of a firm, and allows it to reach <u>economies of scale. </u>
Roosevelt won the 1944 election, and Truman took office as vice president in January 1945. He played a minor role as Vice President and was not told about the atomic bomb until he became president.
Popular sovereignty is government based on consent of the people. The government's source of authority is the people, and its power is not legitimate if it disregards the will of the people. Government established by free choice of the people is expected to serve the people, who have sovereignty, or supreme power.
