What is Intellectual Property?

Intellectual property is a legal term that refers to creations of the mind, such as inventions, literary and artistic works, and symbols, names, and images used incommerce . These creations are protected by law form unaithorized use.

Why is it important?

Intellectual property is important because it encourages people to come up with new ideas by providing economic incentives to do so. For example, inventors can patent their inventions and get exclusive rights to make, use, or sell them for a period of time. This allows them to recoup the costs of developing the invention. Copyright owners can license their works to others for a fee or sell them outright. This provides them with an income stream and allows them to continue creating new works. Trademark owners can stop others from using their trademarks without permission. This helps ensure that consumers know who is responsible for the products they are buying.