Exporting jobs from developed countries to countries with low labor force costs is known as ________.

Question

Quizplus · Accepted Answer

Offshoring refers to the practice of relocating jobs from high-wage to low-wage countries. This is done to take advantage of lower labor and production costs in these countries. The term is often used interchangeably with outsourcing, which involves contracting work to third-party firms, typically located overseas.

Exporting Jobs from Developed Countries to Countries with Low Labor