Inspired

Franchise A franchise is the name given to a business run by someone who purchases the right to use or sell the products or techniques of a well-known international or national company. Companies that expand their business by offering others the opportunity to do business under their name are known as franchisors . The people or companies purchasing the right to do business under that company name are known as franchisees The owner of well-known business (franchisor) allows individuals (franchisee) to sell a product or service in a specific geographical area for certain payments. It is a way of running a business or means of marketing a business Franchise buys the local right to use a well known name, products and marketing of another company Franchise Agreement The legal contract between a franchisor and a franchisee. It sets out the conditions of the franchise. This usually indicates a description of the franchise, the set-up-costs, the standard of the p

Production .1.1.1 Production Manufacture of goods & provision and delivery of services Needs and Wants Needs  are the things necessary for living, that is food, shelter and clothing. Wants  are those goods and services which are not compulsory for living but makes life easier. What is commerce? Commerce  is study related to distribution of products from the producer (point of production) to the consumer (point of consumption). Products, Production, Producer and Consumers Products  are the goods and services produced by a company, to satisfy needs and wants of customers. Production  is any activity which serves to satisfy human needs and wants. Producer  is a person or company who produces products to satisfy need and wants. Consumers  are the ultimate users of goods and services produced. No Goods Services Explanation 1 Ownership is not transferred Ownership is not transferred When buying a service, the s