an essay about outsourcing, need introduction and conclusion. as much as possibl
ID: 1097673 • Letter: A
Question
an essay about outsourcing, need introduction and conclusion. as much as possible thank you
Provide an overview of outsourcing. What does it entail? Many U.S. firms have outsourced jobs to China (primarily for manufacturing) and India (primarily for back office duties). Pinpoint a firm or firms that have undertaken such outsourcing. What types of jobs were outsourced? What did the workers and or manufacturers offer that drew these firms away from the U.S. labor market? Describe the benefits firms found in outsourcing. Explain the implications of outsourcing for employment and wages in the domestic and foreign labor markets. What are the implications on product prices in the home country when outsourcing is used?
Explanation / Answer
After the globalization in the late 20th century, home companies have become prominence in much of wider field. From across the globe firms have moved in and out of US. This movement is actually motivated by the economic reasons and the ever increasing competition. The outsourcing is an activity that home country lends out to foreign country for cheap production.
There are many home companies working in Indian and China, like Chegg, Accenture Walmart and such.
These companies outsource educational help and back office work to these countries.
The reason that drew these firms towards foreign labor is availability of skilled labor force, cheap cost, investor friendly institutions and such.
By outsources it creates jobs in foreign countries and increase GDP for home country, which results in win-win outcome for both the countries.
By outsourcing works to foreign countries, firms actually not employing workers in the home country, as a result unemployment will increase and wage will fall.
Since by outsourcing to foreign countries, goods are being produced at a relatively cheap rate, therefore the product price in the home country will be either relatively low or will fall.
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