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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Milton Friedman was a well-known economist from the University of Chicago and was very well respected amid different philosophical circles. Friedman was also found to be a very strong supporter of the...

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Scope creep actually happens pretty frequently in my personal life on an almost weekly/bi-weekly basis. I love cooking and hosting get-togethers and craft-nights at my home and our friends enjoy it as...

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Chapter 9 Questions journal

Chapter 9 Questions Journal

Q 1. What are the differences between patents, copyrights, and trademarks? When will trade secrets be more useful?

Q 2. Can you identify a situation in which none of the legal protection mechanisms discussed (patents, copyrights, trademarks, trade secrets) will prove useful?

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A patent is an innovation right which is limited for a certain period of time only. In case a machine, chemical compositions, or a process is identified as innovative and unique, an individual or a business firm can apply for a patent which has a limited period validity depending upon the item on which patent is being issued.