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Explain the endowment effect.
Franchise
A business model that allows individuals or entities to operate a branch of a larger company, using its brand, systems, and support in exchange for fees or royalties.
Entirely New Firm
A start-up or business entity that has been freshly established, having no prior existence.
Two-Income Households
Households in which two adults generate income through employment, contributing to the family's total earnings.
Entrepreneurship
The act of launching, managing, and developing a business venture in order to gain profit by taking on financial risks in the corporate world.
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