Question

Explain the concept of intellectual property rights ?

Answer 1

intellectual property rights. A right that is had by a person or by a company to have exclusive rights to use its own plans, ideas, or other intangible assets without the worry of competition, at least for a specific period of time. These rights can include copyrights, patents, trademarks, and trade secrets.

Answer 2

Intellectual property (IP) is a category of property that includes intangible creations of the human intellect.Intellectual property encompasses two types of rights; industrial property rights (trademarks, patents, designations of origin, industrial designs and models) and copyright. It was not until the 19th century that the term "intellectual property" began to be used, and not until the late 20th century that it became commonplace in the majority of the world.

The main purpose of intellectual property law is to encourage the creation of a large variety of intellectual goods.[ To achieve this, the law gives people and businesses property rights to the information and intellectual goods they create – usually for a limited period of time. This gives economic incentive for their creation, because it allows people to profit from the information and intellectual goods they create.These economic incentives are expected to stimulate innovation and contribute to the technological progress of countries, which depends on the extent of protection granted to innovators