as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain the concept of 'intellectual property rights'.
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intellectual property rights are a set of legal protections granted to creators and owners of original works of authorship, designs, discoveries, and inventions. by granting exclusive rights to rights holders, it helps to protect their original works and the time and money they expended in creating them. this includes patents, copyrights, trademarks and trade secrets. these rights help ensure that the creator or rights holder benefits from the works they create, and also encourages innovation and creativity.
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