Licensing and Franchising Are Similar Approaches Involving One Organization Giving

question 14

True/False

Licensing and franchising are similar approaches involving one organization giving another organization the right to use its brand name, technology, or product specifications in return for a lump sum payment or a fee usually based on sales.

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Definitions:

GDP

Gross Domestic Product, which measures the total economic output of a country, accounting for all goods and services produced within a given period.

Real GDP

An inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year.

Nominal GDP

The gross domestic product measured at current market prices, without adjustment for inflation.

GDP Deflator

An index that measures the change in prices of all new, domestically produced, final goods and services in an economy over a period of time.