The process of shifting production from a domestic to a foreign location is best known as ________.

Question

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Offshoring refers to the relocation of a company's or country's business process to a lower-cost foreign location, while outsourcing refers to the practice of hiring other companies to perform certain tasks or functions previously done in-house. Licensing and joint venturing are different types of business partnerships, and do not necessarily involve shifting production from a domestic to a foreign location.

The Process of Shifting Production from a Domestic to a Foreign