ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Franchising is the license purchased by an individual (franchisee) from a company (franchisor) to sell products or services in specific locations under the company’s trademark, name, and logo.

Detailed explanation-2: -Licensing involves obtaining permission from a company (licensor) to manufacture and sell one or more of its products within a defined market area. The company that obtains these rights (the licensee) usually agrees to pay a royalty fee to the original owner.

Detailed explanation-3: -A service business is a business that performs tasks on behalf of its client. The main selling point of all service businesses is that they save their clients time. Many service businesses also perform tasks to a higher standard than their clients could do themselves.

Detailed explanation-4: -Entrepreneurship involves taking on risk and organizing production through establishing new businesses and exploring new ideas and new products.

Detailed explanation-5: -An entrepreneur is someone who starts or owns a business. Whether it’s in farming, retail, manufacturing or in the service sector, entrepreneurs are businesspeople who find their success by taking risks. In their pursuits, they often become disruptors in established industries.