MANAGEMENT

Detailed explanation-1: -A loan commitment is an agreement by a commercial bank or other financial institution to lend a business or individual a specified sum of money.

Detailed explanation-2: -A business that is independently owned and operated and which is not dominant in its field of operation and in conformity with specific industry criteria defined by the Small Business Administration (SBA).

Detailed explanation-3: -An economy is how a nation chooses to use its resources to produce and distribute goods and services to provide for the needs and wants of its people. The four factors of production are land, labor, capital, and entrepreneurship.

Detailed explanation-4: -What are the drawbacks of being a franchisee? Drawbacks include high franchise fees, managerial regulation, shared profits, and transfer of adverse effects if other franchisees fail.