Final answer:
The process of a company moving some of its operations to another country is known as offshoring. It is often used to reduce costs by taking advantage of cheaper labor markets abroad.
Step-by-step explanation:
The name of the process by which a company outsources operations to another country is known as offshoring. This practice involves a company moving some of its operations overseas to access cheaper labor markets, which can significantly lower production costs. Offshoring differs from outsourcing, which is the process of hiring outside contractors to perform tasks that a company once did internally; while they can be correlated, outsourcing does not necessarily mean relocating operations abroad.
For instance, when companies face challenges due to high costs of living and wages in their domestic countries, they may choose to offshore manufacturing to countries like Mexico or parts of Asia, where labor is less expensive. This can lead to shifts in the global economy, affecting job availability and the structure of employment in developed countries.