ECONOMICS

Detailed explanation-1: -Offshoring is the relocation of an aspect of a business’s operations from one country to another; typically, to a country where labor costs are lower. Offshored work is often contracted out to an external company (referred to as outsourcing).

Detailed explanation-2: -Global outsourcing involves hiring a company that’s based in another country to handle some of your business operations. Some of the most popular services U.S. companies outsource globally include manufacturing, IT, customer support, and HR.

Detailed explanation-3: -Outsourcing is also known as Business Process Outsourcing (BPO). This is the process of hiring another individual or company, either domestically or internationally, to handle business activities for you.

Detailed explanation-4: -Offshoring often refers to moving entire processes or departments offshore to take advantage of lower labor costs in other countries. For example, a company might decide to offshore its customer support team to a location in India where the cost of labor is much lower than it is in the company’s home country.