Final answer:
A name, term, sign, symbol, design, or combination used worldwide to identify goods or services and to differentiate them from competitors is called a trademark. Trademarks are part of intellectual property laws that protect the unique identity of a brand, allowing firms to maintain exclusive use of their registered symbols or names.
Step-by-step explanation:
A name, term, sign, symbol, design, or combination used worldwide to identify goods or services of one seller and to differentiate them from those of competitors is called a trademark. A trademark is a word, name, symbol, or device used in manufacturing or creating a product that consumers recognize as representing a particular company or product. For instance, multiple companies produce orange drinks, but only Fanta has the trademark on their specific orange drink formulation and branding. Intellectual property laws protect trademarks globally, ensuring firms can maintain their unique market identity through registered symbols or names like the Nike "swoosh" on shoes and athletic gear. Over 1.9 million trademarks are registered with the U.S. government, and as long as the trademark remains in active use, the firm can renew it indefinitely.