• Entry
  • Entries A-Z

A legal document in which the government decrees exclusive rights to an inventor to produce, use, and sell a given product for a determined period of time. The purpose of the patent is to protect inventors in highly competitive markets and to ensure that they are given the opportunity to reap the benefits of their invention(s). The patent disallows other parties from producing, using, or selling the inventor's product.

locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles