Answer: Description, Date, and Amount.
Answer:
1. Protection to trade secrets and patents:
a. Trade secrets are protected indefinitely. Generally, patents are granted for a maximum of 20 years.
b. The owner of a trade secret does not need to pay annual fee to defend the secret. A patent holder is required to pay an annual fee, in order to make the patent enforceable.
2. Important defense for defendants in trade secret cases that is not available to patent infringement defendants:
The defendant in a trade secret case will cite that the secret is still commercially valuable. But a patent holder cannot cite this because the patent is granted for a maximum of 20 years to stop stifling innovation.
Explanation:
Both trade secrets and patents are intellectual property rights which confer on their owners the exclusive use of their intellectual property. The major differences are in the duration and the defense of the rights. Patents, unlike trade secrets, do not last forever. Patents, again unlike trade secrets, must be defended periodically through the payment of fees.
The four factors of production are land, labor, capital and entrepreneurship. These factors influence economic growth, innovation and consumer habits.
Combining different material and immaterial inputs to create something for consumption is the process known as production. It is the process of producing an output, a good, or a service that has value and enhances people's utility.
Directly resulting from the productive use of the initial inputs is the production process and output. Land, labor, and capital are regarded as the three primary production factors, or primary producers of goods or services. In the output process, neither the primary inputs nor the output product are significantly changed.
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Answer:
The total overhead variance is $1,095
Explanation:
The total standard overhead cost = Standard hours allowed for the work done x predetermined overhead rate = 21,900 x $5.85 = $128,115
The overhead variance = The total standard overhead cost – The actual overhead cost = $129,210 - $128,115 = $1,095
