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In an information economy, value is ascribed to intangible products that exist in computers simply as “bits” representations of 1 and 0. Bits can be stored, reproduced, and moved at almost no cost, so the normal rules of economics, based on the scarcity of material goods, do not apply. However, information is costly to create, capture, process, and maintain. As a result, a concept of intellectual property is required to protect those who create or own information. The principal mechanism used to protect intellectual property rights is the license. This is a legal agreement that allows a purchaser to use information but, usually, not to resell it or share it, either in its original or in adapted form.

Both data and software are information, so ...

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