Patent
A patent is an official right to be the only person or company allowed to make or sell a new product for a particular time [Collins English Dictionary].
The three types of patents are utility, design, and plant. Utility patents are issued for inventions that are novel and useful. Design patents protect the design or image of a product. Plant patents are issued to applicants for plants that can reproduce. Patent costs vary according to the type of patent applied for and are based on several other factors, such as the type of applicant, provisional or non-provisional status, and associated fees—search fees, examination fees, post-allowance fees, and more [Investopedia].
What Is a Patent in Simple Terms? With Examples. Investopedia. Retrieved from: https://www.investopedia.com/terms/p/patent.asp
Patent. Collins English Dictionary. Retrieved from: https://www.collinsdictionary.com/dictionary/english/patent