Specialization in Production

question 64

Multiple Choice

Specialization in production

• A)raises productivity.
• B)requires money.
• C)stimulates exchange.
• D)All of the above are correct.

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Definitions:

Winding Up

The second of two stages in the termination of a partnership or corporation, in which the firm’s assets are collected, liquidated, and distributed, and liabilities are discharged.

Franchisor's Property

Assets, trademarks, or intellectual property owned by the franchisor that are licensed to franchisees under a franchise agreement.

Franchise Territory

a specified geographic area granted to a franchisee in which they have the rights to operate and market the franchisor's business.

Franchise Contract

A legal agreement granting someone the right to operate a business using the franchisor's brand, system, and support for a specified period.