The Importance Of Intellectual Property In Day To Day Life

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Intellectual property has widely assumed a vital role in day to day life. The changes in global economic environment have influenced development of business where IP is central for the growth. Various new legislations have been passed worldwide, for the protection of IPRs to meet the international obligations such as WTO and WIPO. Intellectual property refers to the creation of human mind such as inventions, literary and artistic works, and symbols, names, images, and designs used in the commerce. IP is divided into two categories: Industrial Property and Copyright. Industrial property includes Patents, trademarks, industrial designs, and geographical indications of sources; and Copyright includes literary and artistic works. IPRs protect the interests of creators by giving them property rights over their creations. A trademark is a word, phrase, symbol or design, or combination of them which is used in trade which identifies and distinguishes the sources of the goods or services of the different service providers. Trademark is economically efficient because it allows the consumer to identify the service or good that he prefers and to buy that to the exclusion of others…show more content…
Advertisement has been integrated in everyone’s life in a way that a life without advertisement can’t be imagined. It touches every walk and talk of people. With such a great importance of advertisement we come across various advertisements at every step of routine. Advertisements can be of various types such as social advertisements, political advertisements, cultural advertisements and economic advertisements. Social advertisements are made to promote social causes. Political advertisements are for promotion of political causes. Cultural advertisements are for furthering cultural causes and the economic advertisements are to promote some business and trade causes of organizations or

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