Entrepreneurship Test 2 Review

Fees paid to support television, magazine, or other advertising of the franchise as a whole

A person or company who purchases the franchise

An individual's need or desire for a product or service at a given price

Government has an effect on what is produced in which way?

A person who sells businesses for a living

Advantage of owning a franchise

A person or company who offers the franchise for purchase

Advantages of buying an existing business

The government is not in charge to protect consumers with inspections

A business owned by 2 or more people

The fee a franchise owner pays in return for the right to run a franchise.

Government redistributes income by creating higher taxes for higher incomes and distributing it

The government regulates businesses by requiring some to acquire a license to operate

Advantage of starting your own business

When government is a regulator of businesses, prevents owners from putting consumers in danger

A public good benefits _____________.

Costs that go up and down depending on the quantity of the good or service produced

Examples of a franchise

When the government provides payments to producers of certain kinds of goods

Examples of social programs are

Weekly or monthly payments made by the owner of the franchise to the seller of the franchise

When one company controls the entire market

Disadvantage of buying an existing business

The cost of choosing one opportunity or investment over another.

A measurement of the advantages of producing one additional unit of a good or service