Final answer:
The US government registers trademarks to help consumers easily identify goods' sources, with about 6.8 million trademarks registered between 2003 and 2019. Patents, copyrights, and trade secrets are additional forms of intellectual property that protect inventors' and authors' rights, promoting innovation.
Step-by-step explanation:
The US government has registered an impressive number of trademarks on behalf of business firms to protect particularly distinct elements they have selected for their ability to aid consumers in easily identifying the source of goods. Specifically, between 2003 and 2019, roughly 6.8 million trademarks were registered with the U.S. government. Trademarks can be renewed repeatedly by firms, provided they remain in active use. The United States Patent and Trademark Office (USPTO), a division of the U.S. Department of Commerce, is responsible for granting U.S. patents and registering trademarks, which is a fundamental part of promoting innovation and competition.
Patents are another form of intellectual property that provides inventors with the exclusive legal right to make, use, or sell an invention for a limited time, typically 20 years in the United States. This limited monopoly power allows innovative firms to recoup their investments in research and development, ultimately stimulating further innovation. Copyrights and trade secrets also form part of the broader umbrella of intellectual property, providing protection for authors of creative works and confidential business information, respectively.