Which of the following describes performing by an external party?

The choice of relying on external markets to produce effectively captures the essence of engaging an external party in the context of production processes. This approach emphasizes the strategy of outsourcing or subcontracting certain functions or production activities to entities outside of the organization. By doing so, businesses can focus on their core competencies while leveraging specialized external resources that may provide cost efficiencies, expertise, or access to technologies that the organization may not possess.

This concept aligns well with modern business practices, where organizations often seek to optimize their operations through collaboration and partnerships with external suppliers or service providers, rather than attempting to manage all aspects of production internally.