ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A patent is an exclusive right granted by a government for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. A national or regional patent office grants a patent.

Detailed explanation-2: -Once a patent expires, the protection ends, and an invention enters the public domain; that is, anyone can commercially exploit the invention without infringing the patent.

Detailed explanation-3: -Copyright. Copyright is a legal term used to describe the rights that creators have over their literary and artistic works. Works covered by copyright range from books, music, paintings, sculpture and films, to computer programs, databases, advertisements, maps and technical drawings.

Detailed explanation-4: -In the U.S., a patent gives the holder the right to exclude others from making, using, selling, offering to sell, and importing the patented invention. Patent claims are the legal definition of an inventor’s protectable invention.