Final answer:
The term that describes the relocation of production jobs to another country for cost reduction is 'offshoring'. Both offshoring and outsourcing can lead to domestic job losses as companies seek lower labor costs abroad.
Step-by-step explanation:
The term that refers to the shift of production jobs or work assignments to another country in order to cut costs is offshoring. This process involves a company moving its operations overseas to access cheaper labor markets. On the other hand, outsourcing is when a company contracts with an outside firm to carry out tasks previously done internally. Both offshoring and outsourcing have become prevalent practices due to globalization, trade agreements like NAFTA, and the pursuit of cost savings by multinational corporations. These strategies, while cost-effective for companies, can result in job losses in the countries from where these jobs are moved.