How Does Global Trade Build Wealth? - Module 3

[@stephpayne9311]

Great video! I really like the explanation on the difference between outsourcing and offshoring. I had never thought about the fact that I outsource most things in my life... very enlightening! It really puts things into perspective when you think about it in those terms.

[@NutshellBrainery]

Exactly!! Everyone who has an external job does so thanks to outsourcing!

[@MadisonLopez-vg6dq]

I really enjoyed this video! very well taught lesson on global trade

[@mustafazourob3503]

wtf you are god at this so underreated keep the good work mate going to as my test thanks man

[@NutshellBrainery]

This comment makes my day!

[@christianglashoff15]

Great Video as always :)

[@NutshellBrainery]

Thank you!

[@krustykrabbzz794]

Love this topic.

[@brittanyg7700]

I think the only time I get annoyed or jaded about outsourcing and offshoring is when I'm sent to a customer service representative who is overseas and it's difficult to communicate my needs to them because I can't understand someone with an accent, especially over the phone. It's already difficult to have to go through customer service! Haha. Yet another great video. Thank you!

[@NutshellBrainery]

Your point is well taken. Outsourcing is normal and we all do it, but that doesn't mean it is always done well or for the right reasons.

[@zaritiez8851]

I definitely dismiss outsourcing as an option when I want a solution to a problem. Far too often I believe I can just do it myself, but in business, and in life, outsourcing is typically the best option. While that "just do it yourself" attitude is good in my opinion, there has to be a calculated process and outsourcing should always be a part of that process.

[@NutshellBrainery]

I agree. "Just do it yourself" sounds good and all, until you realize that you sucj at 99% of everything and struggle to fi d the time to do the 1% of things you really rock at.

[@matthewricks6599]

It's interesting to think that comparative advantage is so obviously beneficial for the global economy yet we still have governments doing everything in their power to stop their own industries from being overtaken by someone else's comparative advantage.

[@ethanmcquarrie9600]

Hey Lon, Thanks again. This class has been awesome. Question: Would hiring a Virtual Assistant from the Philippines to manage a schedule be considered Offshoring or Outsourcing? I am a bit stumped due this technically being a vendor providing a service, but it is also moving my workload overseas.

[@NutshellBrainery]

That is both off-shoring (hiring a person/company in another country) and outsourcing (hiring a different person/company than your own). If you have a company and you hire the person then it's just off-shoring. If you contract with this person and not hire them then it's outsourcing.