Roles of TNCS and patents - SUPERPOWERS Flashcards
1
Q
Patent definition
A
A license conferring a right for a product or a process which prevents others from using it
2
Q
Name two of the highest companies that are successful (as examples)
A
- Walmart, GDP in USA and is a retail company
- Sinopec, GDP in China and is an oil and gas company
3
Q
Intellectual property right definition
A
Legal rights given to an inventor/ creator to protect their invention/ creation for a certain amount of time.
4
Q
Why do TNCs put patents in place?
A
- to protect their product form being counterfeited meaning a loss in profit
- protect their original idea
5
Q
Why is intellectual property rights the least significant factor?
A
- counterfeit goods only account for 3% of global trade
- Footwear, clothing, leather goods and tech are the top trades in fake goods
6
Q
Problems for intellectual property rights
A
- A problem for small companies
- TNCs
- Government tax
- Profits
- LICs
- reduces employment opportunities
- Health and safety risks especially with pharmaceuticals
- promoting illegal trade and crime
7
Q
Why are counterfeiting goods high in China?
A
- as manufacturing is in China so they have access to intellectual property
- poor protection fo rights
- lack of policing
