Economics of Marketing (part I continued)

Question 1

List some examples of how property can be tangible

Answer 1

Buildings, theaters, stadiums, equipment

Question 2

List some examples of how property can be intangible

Answer 2

Services, intellectual property rights (copyrights, patents, trademarks)

Question 3

List the 3 types of intellectual property rights

Answer 3

1. Copyrights
2. Patent
3. Trademarks

Question 4

Explain what a copyright is and give an example

Answer 4

The legal protection of a creator’s intellectual property or products
Ex. Books, films, video games, music, art

Question 5

Explain what a patent is and give an example

Answer 5

Product cannot be used without the inventors/owners permission, inventions are protected from other making, using, importing, selling, or offering them for sale
Ex. Swell water bottle has a patent for the design and make of the whole bottle

Question 6

Explain what a trademark is and give an example

Answer 6

Can be words, names, symbols, sounds, or colours that distinguish goods/services
Can be renewed over and over again
Ex. McDonald’s golden arches design

Question 7

What is a royalty and why are some intellectual property rights owners not receiving them in today’s business world?

Answer 7

If you wanted to use a clip from a movie for a commercial you would have to get permission and also pay a royalty fee to the owner