Bus 2201 Unit 8 Written Paper

833 Words2 Pages

Bus 2202 Unit 8 Written Assignment
Submit a written paper which is at least two pages in length, double spaced in Times New Roman (or its equivalent) font which is no greater than 12 points in size.
Define and explain the following: copyrights, trademarks, and patents. Compare the three and provide an example of each. This paper will be non-graded, but it is still highly recommended that you complete this assignment for increased practice and self-improvement.

Before Information Technology, tangible property such as land, buildings, goods, equipment etc. was the most valuable asset of a business. Now economic power is in the monetization of knowledge, ideas and innovation. Work or invention which results from creativity such as a new design or manuscript gives the creator the right to apply for a patent, copyright or trademark and to benefit from their authorship of scientific, literary or artistic creations.
Intellectual property rights fuel the progress of humankind by …show more content…

Rowlings empire of Harry Potter books, films and marketing symbols. She is known to be highly protective of her creations and has billions of discretionary dollars for court costs.
A patent provides patent owners with protection and exclusive rights to their invention for up to 20 years. However, if the patent owner gives consent, the patent protection can be extended or sold to commercial distributors or other interested parties based on agreed upon terms. Patent laws forbid people or businesses from exploiting a process or invention from being commercially used, distributed or sold by anyone other than the patent holder. However, once the patent expires, the protection ends and becomes part of the public domain.
It is important to protect a patent because of the potential economic value of the intellectual property. New machinery or industry processes can be sold or licensed to companies wanting to use the innovation for their own

Open Document