FRANCHISING  
A continuing relationship in which the franchisor provides a licensed privilege to the franchisee to do business and offers assistance in organizing, training, merchandising, marketing, and managing in return for a consideration. Franchising is a form of business by which the owner (franchisor) of a product, service, or method obtains distribution through affiliated dealers (franchisees). The product, method, or service being marketed is usually identified by the franchisor's brand name, and the holder of the privilege (franchisee) is often given exclusive access to a defined geographical area.  

GROSS DOMESTIC PRODUCT (GDP) 
The most comprehensive single measure of aggregate economic output. Represents the market value of the total output of the goods and services produced by a nation's economy. 

 

GROSS NATIONAL PRODUCT (GNP) 
A measure of a nation's aggregate economic output. Since 1991 GDP, a slightly different calculation, has replaced GNP as a measure of U.S. economic output.  

GUARANTEED LOAN 
A loan made and serviced by a lending institution under agreement that a governmental agency will purchase the guaranteed portion if the borrower defaults.  

HARDWARE  
A term used to describe the mechanical, electrical, and electronic elements of a data processing system. 

 

HAZARD INSURANCE 
Insurance required showing lender as loss payee covering certain risks on real and personal property used for securing loans.  

INCUBATOR  
A facility designed to encourage entrepreneurship and minimize obstacles to new business formation and growth, particularly for high technology firms, by housing a number of fledgling enterprises that share an array of services. These shared services may include meeting areas, secretarial services, accounting services, research libraries, on-site financial and management counseling, and word processing facilities.