What Is Outsourcing (Provide an Example)? Describe Three Advantages of Outsourcing

question 88

Essay

What is outsourcing (provide an example)? Describe three advantages of outsourcing.

---

Definitions:

Trade Barriers

Measures implemented by governments to restrict or regulate international trade, including tariffs, quotas, and embargoes.

Wages

Payments made to employees for their labor or services, typically calculated on an hourly, daily, or piecework basis and paid on a regular schedule.

Environmental Regulations

Laws and policies designed to protect the environment from damage and pollution, often involving restrictions on emissions, waste management, and conservation efforts.

Economic Philosophy

A set of beliefs or principles guiding the analysis and policy formulation regarding how an economy should be organized and function.