Final answer:
Outsourcing is the correct term, referring to contracting work to an outside source often in another country to cut costs.
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 B. Outsourcing. When a business engages in outsourcing, they contract an outside source, often in another country, to perform tasks that could have been done internally. This strategic move is typically pursued to take advantage of cheaper labor costs and other economic efficiencies.
Outsourcing is not to be confused with offshoring, which refers to a company physically relocating its own operations to another country. While outsourcing involves hiring an external company to handle certain operations, offshoring still involves the original company, but with operations based in a different country.
These business strategies have significantly impacted job markets, particularly in developed countries, where job availability may decrease as a result of factories and operations being moved abroad.