WG10D Review

2.Fill in the blank: Outsourcing can also lower costs by ______ the expenses associated with bringing on new employees.​

• reducing

• eliminating

• increasing

• replacing

The transfering of work from a specific area of the company ( e.g. accounting, manufacturing) to an outside supplier, which can be done to a company that is located in the home country or anywhere else is called______.

• Offshoring

• Outsourcing

• Globalization

What are the FOUR main reasons to outsource

• Save Time, Save Money, Obtain Specialist Knowledge, Use Less Physical Resources

• Save man hours, Spend More Money, Obtain Specialist Knowledge, Use Less Physical Resources

• Save Time, Save Money, Obtain Specialist Knowledge, use more Physical Resources

• Save Money, Save Time, Do the work yourself, use more Physical Resources

When you hire someone outside your company to do work it is called

• outfitting
• IT
• insourcing
• outsourcing

Which of the following is not correct about "outsourcing?"

• It involves a company hiring another country to do certain work activities.
• It can reduce labor costs.
• It increases costs of producing goods/ services.
• Outsourcing countries are often in developing companies.

Define outsourcing.

• The process by which businesses or other organizations develop international influence or start operating on an international scale
• The action of making or manufacturing from components or raw materials, or the process of being so manufactured.
• A practice used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing it internally.

Increasing interdependence of nations and peoples across the globe.

• Infrastructure

• Globalization

• Interdependence

• Specialization

The exchange of goods and services by sale or barter driven by the need for resources.

• Fair Trade

• Globalization

• Trade

• Standard of Living

Sending goods to another country to sell.

• import

• export

Bringing goods in from another country to sell.

• import

• export