Define the following terms
a) Outsourcing b) Quota
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Answer:a) Outsourcing is when one company provides another company with services that could also be ( or usually have been) provided inside the company.
Explanation:outsourcing is becoming more common in IT and other industries for services that were usually regarded as a vital part of managing a business.
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ANSWER:
a) Outsourcing:
- Outsourcing is a method of initiating an agreement with another company for hiring specialized experts to take on the responsibility of a certain activity or task internally.
- Outsourcing is activities that were earlier carried out by the company, but now the controls of the activities are handed over to another company.
B) Quota:
- It is a form of restriction that is imposed on a certain commodity of goods for a certain period by the government. It puts a limit on the ‘number of goods’ for trading that can be bought or exported
- The restriction put under the quota system by the government is for the benefit of the producers in the economy within the country.
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