Explain the economic nature of IPR goods. Differentiate between invention and innovation.

Intellectual Property Rights (IPRs) encompass a broad spectrum of legal rights granted to individuals or organizations to protect their creations or innovations. Understanding the economic nature of IPR goods is crucial in comprehending their role in fostering innovation, incentivizing creativity, and driving economic growth.

IPR goods can be classified as intangible assets, which derive their value from intellectual or creative endeavors rather than physical attributes. Unlike tangible goods, such as machinery or raw materials, IPR goods are non-rivalrous and non-excludable in nature. This means that their consumption by one individual does not diminish ______ ________ ____ _________ ________ ____ __________ ______ _________ ___.
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