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Explain why intellectual property rights are important in a society that allows its citizens freedom of ownership.

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Protection of intellectual property ensures that one person's ideas and innovations won't be taken over by someone else. We are talking about the protection of new products, services, names, production processes, etc. We can use patents to protect ideas or products, trademarks to protect logos, company name, company color and jingle and copyrights. Today, in times of free trade and globalization, these protections are extremely important because the market is saturated with manufacturers. In these conditions, competitions are not going to hold back in copying other products or services that have had success on the market.

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