Problem: This week we spoke, in part, about franchises. Recall the difference between a government-granted franchise and a private franchise. To be sure the distinction is clear, please describe the components of each type of franchise. Then provide an example of both a private as well as a government-granted franchise with which you interact regularly. What is your experience with each of these franchises? How does your experience with a private franchise differ from your experience with the government-granted franchise? Finally think hypothetically. Pretend all franchises were outlawed. How would your life be different without these two franchises? What might some of the implications be?