ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Types of intellectual property rights. Patents protect an invention or a technical product or process. It is unlawful for others to make, use, resell, rent out, or supply the patented object or process. The patent holder may however give others permission to do so by granting a patent licence.

Detailed explanation-2: -Patent protection is granted for an invention, a product, or a process, which brings a new technical solution. The invention, which is to be protected by a patent, must be new, useful, functional, and innovative, i.e., solution, for which the patent protection is sought, should not be an obvious one.

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: -An invention is a new solution to a technical problem and can be protected through patents. Patents protect the interests of inventors whose technologies are truly groundbreaking and commercially successful, by ensuring that an inventor can control the commercial use of their invention.

Detailed explanation-5: -When an inventor obtains a patent, they secure the right to exclude others from using, making and selling their product or method of use for 20 years, while maintaining the right to sell the item exclusively and for a higher price.