Final answer:
A trademark is the exclusive right to display a symbol of product identification and differs from a patent, franchise, or copyright. It includes logos or names such as the Nike "swoosh" and can be renewed indefinitely as long as it remains in use.
Step-by-step explanation:
The exclusive right to display a symbol of product identification is known as a trademark. A trademark is a unique identifier such as a word, name, symbol, or device that is used in commerce and recognized by consumers as representing a specific company or product. Unlike a patent, which gives exclusive rights to the use and sale of an invention, a trademark is focused on the brand recognition aspect of a good or service.
Some well-known examples of trademarks include the distinctive Chiquita label on bananas, the iconic Chevrolet badge on cars, or the famous Nike "swoosh" on athletic gear.
These unique symbols or names are protected because they distinguish the goods of one company from those of others. Trademarks are registered with governmental bodies and can be renewed indefinitely as long as they remain in active use.