What is the definintion for out soursing?

Answer 1

Outsourcing means that a company moves it's production to a different location where it is more cost effective. For example: Most Apple products are made in China because if Apple would manufacture the goods in the USA, the products would have to be sold for a higher price to compensate for the higher production costs.

Answer 2

Outsourcing is the practice of contracting certain tasks or services to an external third-party provider, usually to reduce costs or improve efficiency. This allows businesses to focus on their core competencies and leverage specialized expertise from outside the company.