Industrial Intellectual Property Rights: Patents, Trademarks, and Copyright

Industrial Intellectual Property Rights
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Industrial Intellectual Property Rights
How does intellectual property differ from tangible property such as vehicle or car?
The intellectual and tangible properties differ in the following ways. Intellectual properties cannot be touched, created intrinsically out of the human mind through creative thinking. They can be translated into a tangible form and given certain privileges to be owned as properties. They include the author’s copyright on a book and patent. On the other hand, tangible properties are physical objects that can be touched. They consist of physical and personal property, exist in a tangible and intangible state like money. Some of the tangible properties include vehicles, chairs, and clothes (Savale, 2018).
Do patents provide socially optimal incentives?
The patent offers optimal social incentives by offering the right to use technological innovation in manufacturing, selling, and solving barriers that might arise market framework. It contains a specified period in which owners in the society can use it in business operations. The patent is socially owned by individuals who offer permission to others to access it on mutual agreed terms (Savale, 2018). Patent ensures innovations are used to foster social incentives of consumers and producers to strengthen trade, investment, and technological transfer geared at accumulating maximizing profit.
Why do firms use trademarks?
The firms use trademarks helps in identifying products produced by a particular enterprise through installing letters and words for easy identification. The firms may apply drawings, signs, colors, and audible signs like music which acts as distinguishing features among products from various companies in the market. Trademarks the firms to guide customers in identifying and buying products that satisfy their needs (Savale, 2018). Registration of trademark proves the firm’s ownership of products in the market context.
Should copyrights be made shorter or longer at present?
The copyrights should be made longer to enable the creators to benefits from their works. Making the copyright longer will allow owners to register their services and get a license validating their own the work. In this reg...