What term describes any formula, pattern, device, or compilation of information used in business for competitive advantage?

The term that describes a formula, pattern, device, or compilation of information used in business for competitive advantage is a trade secret. Trade secrets can encompass a wide range of confidential business information, including manufacturing processes, customer lists, marketing strategies, and unique business practices. The key characteristic of a trade secret is that it provides an economic advantage over competitors who do not know or use it and is subject to reasonable efforts to maintain its confidentiality.

This definition aligns with how companies protect their proprietary information and maintain a competitive edge. Unlike patents, trade secrets do not require formal registration and can potentially last indefinitely, as long as the information remains confidential and is not publicly disclosed.

In contrast, a patent provides exclusive rights to an invention for a specific period but requires public disclosure of the invention. A monopoly refers to a situation where a single company has exclusive control over a particular market, which is not related to the concept of business information. Copyrighted material pertains to the protection of creative works, such as literature and art, and does not cover formulas or business processes specifically aimed at gaining a competitive advantage.