Final Assignment: Intellectual Property

FINAL ASSIGNMENT
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1 ADDRESS THE FOLLOWING AS THEY PERTAIN TO INTELLECTUAL PROPERTY
* INTELLECTUAL PROPERTY
It refers to a creation of one’s mind which could be in the form of inventions, artistic and literary works, names, symbols, and images. It is categorized into industrial property and geographical indications. They are granted through copyrights, patents, trademarks, and industrial designs. They give property owner exclusive rights therefore serving as a bridge between manufacturers and consumers thus allowing users to associate and identify products with their owners (Bently, L., & Sherman, B. (2014).
IMPACTS OF COUNTERFEIT MERCHANDISE GOODS ON U.S ECONOMY
Innovations and creations stimulate the economy and create employment opportunities in U.S. Counterfeit and pirated merchandise discourages innovation hence resulting in negative effects on consumers, government, and companies therefore hindering economic growth.
China is the major source of counterfeit and pirated merchandise although it is a global challenge. Intellectual property intensive companies generate approximately twenty percent of jobs and thirty percent to GDP and also promote trade (Yager, L. 2011). 
Merchandise goods impact companies and industries negatively due to damaged reputation and brand, increased protection costs, reduction in revenues and potential theft demotivates an urge for industries to innovate more (Yager, L. 2011). 
Counterfeit merchandise may harm consumers when they purchase and consume them because they are of low quality. Counterfeit drugs and medicine pose health and safety risks.
The government of the U.S has lost tax revenue and incur rising enforcement costs. The loss of tax revenues is due to a reduction in corporate taxes as a result of a decrease in companies' revenue.
Demotivation to innovate more due to fear of IP theft and infringement results in slow job creation and weakens U.S competitiveness therefore undermining economic activities hence hurting the economy.
Pirated software is a threat to computer security and privacy. This results in increased cases of cybercrimes which damages institution image, loss of revenue, and stolen data (Yager, L. 2011). 
* SAFETY AND HEALTH CONCERNS POSED BY COUNTERFEIT PRODUCTS
counterfeiters' have earned millions of dollars from their activities posing a great risk to consumers who consume their ineffective and unsafe merchandise. Dangerous counterfeit goods such as fake electronics, medicine, military parts, and automotive products cause harm.
consumers buy counterfeit medicines unknowingly which are normally manufactured by uninspected and unlicensed pharmaceuticals. Such medicines contain harmful ingredients which instead of curing illnesses it worsens the conditions and can even kill if not earlier detected.
Most industries promote safety in the workplace, especially where heavy machinery and equipment is used. Counterfeit electrical equipment poses a great risk to those using them for their routine operations. These electrical appliances and machinery can cause malfunctioning which results in overheating...