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Difference between the terms offshoring and outsourcing

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What is the difference between the terms offshoring and outsourcing and why can we take the liberty to use these terms synonymously? Why a Canadian firm may choose offshoring rather than domestic production? Using a graph, explain the changes in the relative wage of high skilled workers to low skilled workers as more and more advanced stages of the production process are offshored.

Reference no: EM132184443

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