ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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by protecting a patent holder’s right to profit from his or her creativity
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by protecting the government’s right to patent creative works
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by protecting a business’s right to profit from someone else’s creativity
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by protecting unpatented creative works
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Detailed explanation-1: -Patents recognize and reward inventors for their commercially-successful inventions. As such they serve as an incentive for inventors to invent. With a patent, an inventor or small business knows there is a good chance that they will get a return on the time, effort and money they invested in developing a technology.
Detailed explanation-2: -Patents are a reward for human inventiveness. An effective patent system must provide incentives for innovation, safeguard dynamic competition and protect the public interest – a balancing act fraught with difficulty in the ‘connected’ global world.
Detailed explanation-3: -A patent protects an invention by allowing its inventor-or the group who owns the patent-control over who may use the invention. Patent applications are adjudicated by the United States Patent and Trademark Office (USPTO) and are valid for 20 years. An assignee is a person or group who owns a patent.
Detailed explanation-4: -By protecting inventions government is sending a clear signal that every new invention if protected can be used only by the inventor, which creates strong incentive for people to create new technologies.
Detailed explanation-5: -The main tools for protecting original and innovative ideas and practices are intellectual property (IP) rights. These rights include: patents, copyright, designs and trade secrets.