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Key Vocabulary
The term franchise refers to a type of business in which a group or individual receives a license from a corporation to conduct a commercial enterprise.
Corporate franchises enable a franchisee to market a well-known product or service in return for an initial fee and a percentage of gross receipts.
The franchiser usually provides assistance with merchandising and advertising.
Major franchise networks, which have grown rapidly in the United Kingdom since the 1960s, include fast-food restaurants, petrol stations, car dealerships, and real-estate agencies; and the system has expanded into many other fields.
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