Question

Fill in the blank.
Answer
is the term used to describe the delegation of a business function to a supplier outside the business.

Answer 1

Answer:

• Outsourcing is the business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company's own employees and staff. Outsourcing is a practice usually undertaken by companies as a cost-cutting measure. As such, it can affect a wide range of jobs, ranging from customer support to manufacturing to the back office.

• Outsourcing was first recognized as a business strategy in 1989 and became an integral part of business economics throughout the 1990s. The practice of outsourcing is subject to considerable controversy in many countries. Those opposed argue that it has caused the loss of domestic jobs, particularly in the manufacturing sector. Supporters say it creates an incentive for businesses and companies to allocate resources where they are most effective, and that outsourcing helps maintain the nature of free-market economies on a global scale.

Answer 2

Explanation:

Answer:

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★FOREIGN SECTOR ★

➢ The primary function of the foreign sector is to undertake external activity that is outside the control of the domestic economy. ... The primary role it plays in the domestic economy is foreign trade. The domestic household, business, and government sectors purchase imports produced in the foreign sector.

Explanation:

➢ What It Does: Foreign Trade:-

The most important economic interplay between the domestic economy and the foreign sector is foreign trade. Foreign trade is simply the exchange of goods between countries. It works much like any exchange. The only difference is that the buyer resides in one country and the seller resides in another.

Foreign trade gives rise to two exchange flows--imports and exports.

➢ Imports :-

===>> Imports are goods produced by the foreign sector and purchased by the household, business, or government sectors in the domestic economy.

===>> Shady Valley offers examples of imports by the household sector. Pollyanna Pumpernickel often purchases bananas and coffee imported from South America, chocolate imported from Germany, and cheese imported from Switzerland from the local grocery store. Dan Dreiling, the drywall guy, recently purchased a new car imported from Japan.

➢ Exports:-

Exports are goods produced by the domestic economy and purchased by the foreign sector.