Intellectual Property Can Best Be Described as

question 89

Multiple Choice

Intellectual property can best be described as

• A) intangible property created by individuals or corporations.
• B) unique creative work or ideas.
• C) tangible or intangible property created from a unique idea.
• D) the expression of an intangible idea.

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Definitions:

Comparative Advantage

The proficiency of an individual, a business, or a nation in generating a product or executing a service at a more economical opportunity cost than its competitors.

Lower Cost

Refers to a situation or strategy in which expenses are minimized or reduced.

Range of Exchange Rates

The variability or difference in the rate at which one currency can be exchanged for another.

Gains from Trade

The increase in welfare or benefit that countries or individuals obtain by engaging in voluntary trade with each other, enabling more efficient allocation of resources.