Intellectual Property Rights Flashcards, test questions and answers

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What is Intellectual Property Rights?

Intellectual Property Rights (IPR) are the legal rights that protect creativity, inventions, and other intellectual works. These rights give creators exclusive control over how their work is used, allowing them to benefit financially from their efforts. IPR includes copyright, trademark, patent and industrial design laws as well as trade secrets and confidential information.Copyright protects original artistic and literary works such as books, music, photographs and videos. It allows creators to choose where and when their work will be used or distributed. Copyright protection limits how others can copy or use the material without permission from the creator. Trademarks are symbols or words that identify a product or service of a particular company or organization. Patents protect inventions by giving exclusive trading rights to the inventor for a limited period of time (usually 20 years). Industrial designs are aesthetics applied to manufactured products such as furniture design or fashion accessories. Trade secrets refer to confidential business information such as customer lists or recipes which a business keeps private in order to gain an advantage over competitors. IPR is important because it provides incentives for creativity and innovation by rewarding creators for their hard work. Without IPR protection people may not have an incentive to create new things since they would not be able to benefit from it financially due to copying from others taking away potential profits from them. Additionally it encourages investment in research and development, which is essential for economic growth. Moreover ,it helps promote competition which creates better products at more affordable prices for consumers. Finally , it also protects consumers by ensuring quality standards are met with regards to products that have been patented. In conclusion , Intellectual Property Rights play an important role in encouraging creativity , innovation , investment in research & development as well as promoting competition & protecting consumers.