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definition: are typically government created monopolies. They are allowed because the creator has a right to profit from the creation of an invention, a formula, a piece of literature or art, etc.
- Patent: this gives exclusive rights to a company tell sell a good or service or specific amount of time. - Copyright: Same as a patent, but artistic in nature, such as music, art, and literature. connected key terms:monopoly | patent | copyright
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▪ wanting a car, being able to buy it ▪ wanting to get a haircut, being able to pay for it |