Which Statement Best Describes Outsourcing

question 15

Multiple Choice

 Which statement best describes outsourcing?

• A) An organization selling its products in a market outside its domestic market
• B) An organization's acquisition of goods and services from an outside source
• C) An organization setting up manufacturing and retailing facilities in a new country
• D) An organization's use of virtual teams with employees located in different countries

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Definitions:

Close Substitutes

Products or services that can easily replace each other in consumption, showing a high level of interchangeability.

Resource Demand

The desire for resources (such as labor, capital, and natural resources) based on their contribution to the production process, influenced by factors like technological change and product demand.

Elasticity of Resource Demand

A measure of how much the quantity demanded of a resource changes in response to a change in its price.

Resource Quantity Demanded

Refers to the total quantity of a resource that buyers are willing and able to purchase at a given price over a specific period.