Final answer:
Outsourcing refers to shipping goods and services out of a country's jurisdiction by hiring external labor sources, while offshoring moves a company's operations overseas to access cheaper labor.
Step-by-step explanation:
The term that refers to shipping goods and services out of the jurisdiction of a country is outsourcing. Outsourcing is the process of hiring labor from sources outside of the company or outside of the nation in which the company is located, often for cost-saving benefits. Another related term is offshoring, which refers to the moving of a company's operations overseas to tap into cheaper labor markets. This practice impacts international trade and the availability of jobs within the original country. For example, many clothing corporations that used to manufacture clothes in the U.S. have shut down their factories and relocated to other countries like China, which is a form of offshoring.
Multinational corporations may outsource and offshore due to the high cost of living and wages in developed countries. The globalization of the economy, accompanied by trade agreements like NAFTA, has simplified the process, allowing companies to reduce costs significantly by operating in countries with lower labor expenses. This leads to shifts in the demand for workers and influences the structure of the global workforce.