In the 19th century John Deere took out a patent on a newly designed plow that incorporated steel to make plowing faster.Many farmers bought plows from his company and he made millions.This example shows that patents turn an idea into a

Question

Quizplus · Accepted Answer

Patents provide exclusive rights to the inventor to prevent others from making, using or selling the invention for a certain period of time. This turns the idea into a private good, as the inventor has the ability to profit from it and control its distribution.

In the 19th Century John Deere Took Out a Patent