FINAL TEAM PAPER2Final Team PaperThroughout this paper we will be looking at the intellectual property, and copyright lawsshould be respected and defended with strong laws and regulations that are enforced by thegovernment. Also, that current intellectual property, and copyright laws are inadequate andunenforceable in the technology environment, which can have a negative impact on our globaleconomy.Copyright and Intellectual PropertyIntellectual property is creations of the mind. Intellectual property law refers to theprotection of these creations of the mind which grant the creator exclusive ownership and rightsof “exploiting and benefiting from their creation...these rights, also called monopoly right ofexploitation, are limited in scope, duration and geographical extent” (European Space Agency(ESA),n.d., para 2). ESA (n.d), further explained that intellectual propertyprotection“isintended to stimulate the creativity of the human mind for the benefit of all by ensuring that theadvantages derived from exploiting a creation benefit the creator. This will encourage creativeactivity and allow investors in research and development a fair return on their investment” (para3). Since intellectual property encompasses various forms of creation and this stimulation ofcreativity keeps creators creating, it thus continues to provide society and humanity with aconstant flow of new and useful works and products. Creative stimulation and the exploiting andbenefiting of creations boosts and stimulates the economy.Below are the most common categories of intellectual property:•Patents—Patents gives exclusive rights over your invention for a specific amount of time, inexchange for full disclosure. Inventions such as electronics, machines or pharmaceuticals arepatented. Weinstein (2015), tells us that to receive a patent, the invention must be novel, not