Answer:
Outsourcing is a business strategy that involves hiring a third party to perform a specific task, service, or function that is typically performed in-house. It is a way for companies to access specialized expertise or to reduce labor costs by taking advantage of lower wages or other economic benefits offered by countries where the outsourced work is performed.
Outsourcing can take many forms, such as hiring a company to handle customer service, manufacturing, or IT support. It can be a short-term arrangement or a long-term partnership. Companies may choose to outsource certain functions to free up resources and focus on their core competencies, or they may outsource to gain access to the latest technology and expertise.
There are pros and cons to outsourcing, and it can be a controversial business practice. Some people argue that outsourcing results in job losses in the country where the work is performed in-house, while others believe that it can lead to increased efficiency and competitiveness.
Step-by-step explanation: