Question

A business practice associated with globalization involves business moving manufacturing and service centers to countries where labor is cheap. This practice is commonly known as___________.

Answer 1

Answer:Multi national Trading or Corporation

Explanation:This is situation where business operations are moved to other nations with cheap labour and raw materials.The importance of this practice is to minimize their cost of operation and maxizmize profit.

Answer 2

Answer:

It is known as International outsourcing

Explanation:

International outsourcing is a business practice of engaging a third party outside of the company geographical location , mostly from a country where the labor cost is cheaper as against what is obtainable in the country of operation.

This will obviously result in cutting down on jobs in the country of operation while the company is benefiting from savings gained  from the practice.