Principles of Microeconomics / Unit 8 MIC 0705 short lesson, about 20 seconds
Intellectual Property
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The idea
A patent, copyright, trademark or trade secret gives its holder an exclusive right for a time: a limited monopoly to reward invention, followed by open competition.
In practice
A drug patent runs twenty years from filing; a copyright, the author's life plus seventy.
Where people slip
The monopoly is the point, not a side effect; unit twelve weighs it as a remedy for underinvestment in ideas.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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