Define: Patent, Value of a resource and stock of resource
Answers
What is a Patent?
Patents are a right granted to an inventor that allows them to exclude all others from making, using, or selling their invention for 20 years.
In the U.S. the U.S. Patent and Trademark Office reviews and approves patent applications, which provide protection against others stealing their idea. Once approved, the patent holder is then the sole person or company who is permitted to make, use, or sell the product, process, or solution to a technological problem that they have developed and registered. All others are prohibited, unless they are given permission.
Patent types
There are three major types of patents:
Design patents – anyone who creates a new design for a product can apply for a design patent. Examples include beverage bottles (think of the shape of the Coca-Cola container) or furniture (such as the kneeling chair).
Plant patents – botanists involved in grafting and creating new hybrid plant forms can apply for a plant patent. Examples include the Smooth Angel rose or drought-tolerant corn.
Utility patents – anyone who invents or discovers “any new and useful process, machine, article of manufacture, or composition of matter, or any new and useful improvement thereof” can apply for a utility patent. Examples include the little green drink stopper Starbucks gives out with its cups or the hoverboard type of skateboard.
Answer:
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