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The World Trade Organization Developed the Agreement on Trade-Related Aspects

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The World Trade Organization developed the Agreement on Trade-Related Aspects of Intellectual Property Rights to establish the maximum penalties to be meted out for patent and copyright infringement.


Definitions:

Accounting Equation

The fundamental equation representing the relationship among assets, liabilities, and owner's equity: Assets = Liabilities + Owner’s Equity.

Creditor

An individual or entity that is owed money by another party, often in the context of loaning funds or issuing credit.

Liability

The financial liabilities or obligations a company is legally bound to settle, which emerge in the process of conducting its business activities.

Owner's Equity

The amount of ownership an individual or entity has in a company, represented by the assets minus liabilities and often seen as the owner's claim against the company's assets.

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