A (n) is a contractual arrangement in which one entity grants the purchaser the exclusive right to use the trade name, formulas, and product rights within a specific geographic area for a specific period of time. (Enter one word per blank)

Franchise

Explanation:

Franchise is firstly permitted by government. Franchise gives authority to sell the product by the brand name which means one franchiser person gives rights to another people to use his trade name, the product rights and formulas and set the specific target in a given geographic area to another person for the benefit of the organization.