Final answer:
Information technology encompasses intellectual property, inventions, and standards used to produce information, protected by laws and patents. Advances in this field result in new technologies that improve labor productivity and overall quality of life. Inventions like cell phones have become essential to contemporary existence.
Step-by-step explanation:
Information technology is best defined as the products, methods, inventions, and standards that are used for the purpose of producing information. This includes a wide range of intellectual property, such as material and nonmaterial products developed by individuals or groups that are protected by national and international laws. Moreover, inventions play a significant role in information technology by contributing new solutions and advancements.
Research and development in this field advance technology, aiming to improve consumer products, transportation, work environments, and communications. Innovation helps translate the advances in knowledge into practical applications, leading to new products or services. Patents protect the intellectual property rights for these inventions or discoveries, ensuring that inventors can reap the benefits of their new and useful processes, products, or machines.
Technology's impact on society is profound, changing how people live, work, and interact. For instance, the shift from traditional forms of labor to technologically-driven productivity has dramatically increased labor productivity. Inventions such as cellular phones and platforms like Wikipedia are perfect examples of how technology has become integral to modern life.