Final answer:
Offshoring is the practice of relocating jobs from developed countries to places with lower labor costs to reduce expenses. (option C)
Step-by-step explanation:
The practice of exporting jobs from developed countries to countries with lower labor costs is known as offshoring. This business strategy is a result of multinational corporations seeking to decrease operation costs by moving their factories or certain operations overseas, where they can pay lower wages. Offshoring is often confused with outsourcing, which is the process of hiring an external company, sometimes in a different country, to perform tasks that were previously handled internally. Both practices have contributed to shifts in job availability and have influenced geopolitical and economic discussions about the impact of globalization on employment in developed nations.
Through offshoring, businesses aim to optimize their production costs and enhance competitiveness. However, it also raises ethical and economic considerations, as it can impact domestic employment in the originating country. Balancing these factors is crucial for companies implementing offshoring strategies to ensure sustainable growth and positive contributions to the global economy.