How does the application of IP rights influence economic growth in everyday life?
A. it ensures that inventors maximize their profits
B. it ensures that inventors reduce their production capacity
C. it ensures that innovators ideas, services, and/or products are not protected
D. it ensures that inventors sell their products cheap
A. it ensures that inventors maximize their profits
By protecting the intellectual property rights of inventors, innovators, and creators, it encourages them to invest in research and development, create new products and services, and bring them to the market. This fosters innovation and competition, ultimately driving economic growth. When inventors know that their intellectual property is protected, they are more likely to invest time and resources into developing new ideas and technologies, leading to increased productivity and economic prosperity. Additionally, IP rights provide inventors with the ability to profit from their creations, which in turn incentivizes further innovation and contributes to overall economic growth.