Final answer:
Offshoring is the relocation of a company's operations to a different country to access cheaper labor, while outsourcing is the hiring of external contractors to perform tasks. Both are influenced by globalization and impact job markets by transferring job opportunities across borders.
Step-by-step explanation:
“_____” refers to the relocation of business services by an organization from one country to another. This process is known as offshoring. Offshoring involves moving some of a company's operations overseas to take advantage of cheaper labor markets. Additionally, outsourcing is the process of hiring outside contractors, sometimes abroad, to perform tasks a company once performed internally. Globalization has amplified these practices as companies seek cost-savings and competitive advantages in the global marketplace.
For example, in the past, the United States manufactured clothes domestically. However, due to globalization and the pursuit of lower operational costs, many clothing corporations have shut down their U.S. factories and relocated to countries like China.
Furthermore, outsourcing doesn't only apply to manufacturing. As technology has advanced, it has allowed for the relocation of services as well. This relocation affects job markets, with some losing jobs while others, like India and the Philippines, gain opportunities due to their burgeoning Business Process Outsourcing (BPO) sectors.
Ultimately, offshoring and outsourcing can help corporations remain competitive by reducing operation costs and accessing global talent, but also have the side effect of shifting job demands across borders.