ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -If a company develops a new technology that improves its main product, what type of intellectual property can they use to stop others from copying their invention? They can use patents to stop others from copying their invention.

Detailed explanation-2: -Patents protect the intellectual property created by inventors.

Detailed explanation-3: -Patents are probably the most applicable type of IP protection for manufacturers and are often filed by those who invent new technologies, processes and products.

Detailed explanation-4: -You can use two types of patents to protect software: utility and design. Utility protects what the software does. Design protects any decorative part of your software. Unlike copyright law, patent law protects the invention itself.

Detailed explanation-5: -Patents, trademarks, copyrights, and trade secrets are valuable assets of the company and understanding how they work and how they are created is critical to knowing how to protect them.