Final answer:
A patent is the exclusive legal right granted to an inventor to manufacture, use, or sell an invention for a limited time, typically 20 years, to protect the investment and foster innovation.
Step-by-step explanation:
The exclusive legal right to manufacture a product or to use a process is called a patent. A patent is a government rule that grants an inventor the exclusive legal right to make, use, or sell an invention for a limited time. Intellectual property rights play a crucial role in fostering innovation by providing an incentive for research and development through these exclusive rights.
For instance, if a pharmaceutical firm has a patent on a new drug, they have a monopoly over its manufacturing and selling for a period which typically lasts for 20 years. This protection helps ensure that the firm can earn a return on the investment made in the creation of the new drug, without immediate competition.