Jobs Leaving the US for Workers in Other Countries Is

question 35

Multiple Choice

Jobs leaving the US for workers in other countries is known as ________.

• A) outsourcing
• B) offshoring
• C) outbounding
• D) offsourcing

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Definitions:

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded, often referred to as the market-clearing price.

Equilibrium Quantity

(1) The quantity at which the intentions of buyers and sellers in a particular market match at a particular price such that the quantity demanded and the quantity supplied are equal; (2) the profit-maximizing output of a firm.

Price Elasticity

An indicator of consumer sensitivity to price fluctuations, represented by the extent to which the demand for a product adjusts in response to variations in its price.