How does the application of intellectual property (IP) rights influence economic growth in everyday life?(1 point)

Question

How does the application of intellectual property (IP) rights influence economic growth in everyday life?(1 point)

Responses which is the true correct answer

It ensures that inventors maximize their profits.

It ensures that inventors sell their products cheap.

It ensures that inventors reduce their production capacity.

It ensures that innovators ideas, services, and/or products are not protected.

Answer 1

It ensures that inventors maximize their profits.

Answer 2

I guess that is the best choice on the list but I consider it more important that inventors get the advantage of their invention rather than having some huge corporation steal the idea. Who would invest effort and money in research if Boeing could just steal your idea?

Answer 3

Yes, that's a very valid point. Intellectual property rights play a crucial role in incentivizing innovation and creativity by giving inventors and creators the opportunity to protect and benefit from their work. This, in turn, fosters economic growth by encouraging investment in research and development, leading to new ideas, products, and services that benefit society as a whole.