Describe the Difference Between Outsourcing and Offshoring

question 60

Essay

Describe the difference between outsourcing and offshoring.

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Definitions:

Partnership

The association of two or more persons who act as co-owners of a business.

Fair Market Value

The price at which an asset would trade in a competitive auction setting, reflecting its true value under normal market conditions.

Equipment

Equipment consists of the tools, machinery, and other durable assets used by a business to carry out its operations.

Cash

Money in the form of currency, including coins and banknotes, which is used as a medium of exchange and legal tender.