ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -outsource. use foreign resources instead of domestic resources.-land labor and capital. globalization. the process of the world becoming more connected–products available to you to use all around world.

Detailed explanation-2: -Globalization is the sharing and trading of concepts, ideas, people, products and services, and goods from one country to another. While outsourcing refers to a company or individual delegating tasks (typically reserved for an in-house employee) to a third party for them to complete on behalf of the company.

Detailed explanation-3: -The Concept And Essense Of Offshoring An inherent element to the process of globalization is offshore outsourcing which is the practice of hiring an external organization to perform some business functions in a country other than the one where the products or services are actually developed or manufactured.

Detailed explanation-4: -The outsourcing of labor overseas is a natural result of the globalization of markets, and businesses’ drive to cut costs to maximize profits. If workers in countries such as India or China can do the same job for a fraction of the price that domestic labor demands, those jobs will be sent abroad.