Franchising is an important part of the U.S. economy. Briefly explain its importance, define franchising, and identify the three basic types of franchises

What will be an ideal response?

Answer: Through franchised businesses, consumers can buy nearly every good or service imaginable—from singing telegrams and computer training to tax services and waste-eating microbes. There are three types of franchising: trade name franchising, where the franchisee purchases only the right to use a brand name; product distribution franchising, which involves a license to sell specific products under a brand name; and pure franchising, which provides a franchisee with a complete business system.