If a firm produces components of its goods and services in other countries, it is said to be outsourcing.

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Outsourcing refers to the practice of hiring other firms or individuals to produce goods or services that are typically performed in-house. This can include manufacturing, production, and even certain business functions like accounting and customer support. Outsourcing often involves working with firms or individuals in other countries, which can help reduce costs and improve efficiency.

If a Firm Produces Components of Its Goods and Services