If specialization and outsourcing can harm domestic workers, the countries still engage in trade because the gains from trade far outweigh the costs, and the economy benefits overall.
Outsourcing is the business practice in which a party is hired outside any company to perform services and to create goods that were traditionally performed and produced in-house by the company's own employees and staff.
Outsourcing is a practice which is usually undertaken by companies as a measure of cost-cutting . As such, it can affect a wide range of jobs, ranging from customer support to manufacturing to the back office.
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Risk pooling allows an insurance carrier to provide an income stream via an immediate annuity, even with its costs and expenses, far more cheaply than a person could on his or her own. Risk pooling is the practice of sharing all risks among a group of insurance companies.
Explanation:
Negative Impact of globalisation:
Attraction of global market resulted in farmers shifting from traditional or mixed cropping to unsustainable cropping practices. The competition from cheaper imports pushed down the prices of crops like cotton, wheat etc making agriculture unsustainable for many farmers.
