Why Copyright Laws Are Important Today s Business World

Assignment Unit 4 Introduction The progress and well-being of humanity lays on its capacity to create and invent new works in the areas of technology and culture. The promotion and protection of intellectual property encourages the commitment of additional resources for further innovation, spurs economic growth, creates new jobs and industries, and enhances the quality and enjoyment of life. (WIPO, n.d.) In this essay I am going to discuss why copyright laws are important in today’s business world and why copying software and other resources is called â€Å"piracy†. Why copyright laws are important in today’s business world Copyright laws protect certain kinds of original works, such as books, compact discs, films, and software. Creations such as the aforementioned are referred to as â€Å"intellectual property†. Intellectual property is divided into two categories: 1. Industrial Property, which includes patents for inventions, trademarks, industrial designs and geographical indications. 2. Copyright, which covers literary works, films, music, artistic works and architectural design. (WIPO, n.d.) The industries dealing with copyrighted material in 2002 made up more than 5 percent of the U.S. gross national product and totaled almost $350 billion. (Markgraf, n.d.) Copyright benefits the creator of a work. By assigning exclusive rights to copyright holders, the laws ensure that only the creator or those who have received permission to copy can perform or alter the works. ThisShow MoreRelatedWhy Are Patents Important For Technology?1745 Words   |  7 PagesIntroduction: What is a Patent? (Natashua Hester) A patent is a limit of property rights that are related to an idea or an invention, which is granted by the United States Patent Trademark Office (Ji, 2011). 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