ICHOR Restaurant Group Was Started by Brian Bailey and Tim

question 30

Multiple Choice

ICHOR Restaurant Group was started by Brian Bailey and Tim Hug in 2006 and has since opened three successful restaurant concepts--Old Carolina BBQ,Smoke: The Burger Joint,and Baja West Coast Kitchen--with a dozen corporate-owned locations.They have begun to allow external entrepreneurs to purchase a license to operate their own location(s) .Entrepreneurs purchasing such a license are engaging in ______.

• A)corporate entrepreneurship
• B)franchising
• C)entrepreneurship inside
• D)social entrepreneurship

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Definitions:

Price Elastic

A term related to price elasticity of demand, indicating how responsive the quantity demanded of a good or service is to a change in its price.

Product

Anything that can be offered to a market to satisfy a want or need, including goods, services, and ideas.

Income Elasticity

A measure of how the demand for a good or service changes in relation to a change in income.

Good

A tangible product that satisfies human wants or needs.