Final answer:
Offshoring is the process of moving jobs from the U.S. to other locations in the world to access cheaper labor markets, often resulting in lower job availability in the originating country.
Step-by-step explanation:
The term that refers to the process of moving jobs from the U.S. to other locations in the world is offshoring. This is a practice where companies move some of their operations, such as manufacturing or services, to other countries to access cheaper labor markets and reduce costs. Outsourcing often goes hand-in-hand with offshoring, as it involves contracting outside contractors, sometimes in different countries, to perform tasks that a company once performed internally. Offshoring can result in lower job availability in the country where the jobs originated, which in this case is the U.S.
For example, many clothing corporations in the past manufactured their products in the United States; however, they have shut down their U.S. factories and relocated to countries like China—an example of offshoring. This move is often driven by multinational corporations seeking the lowest cost options, which includes cheaper labor available in developing countries.