Question

First, list two intellectual property rights. Then, describe why an intellectual property right provides incentives for people to produce creative work.

Answer 1

Intellectual Property Rights allow for individuals or companies to maintain control and ownership of certain concepts, ideas, words, or works that are the result of creations of the mind. This allows for musicians, artists, inventors, and others to own, control, or have certain rights to things they have created. An example would be the intellectual property rights over a piece of music that was made my a composer so that it can not be performed without their consent and most likely payment for the rights to perform it. Another example might be the rights that a company has over a certain phrase that it uses to market its goods. Intellectual property rights provide incentives for individuals working in creative fields to retain rights and ownership to things they create so they are not stolen once the idea is released into the public.