The price of that music is higher than you think

Everyone likes a bargain. But buying counterfeit smartphones or downloading pirated music actually carries a hefty price tag.

Experts project that counterfeiting and piracy will cost the global economy $2.3 trillion by 2022 by cheating companies and people of the right to benefit from their creativity, known as intellectual property rights.

Equally important, most counterfeit goods are produced in sweatshops run by organized crime. Profits often support terrorist groups, drug smugglers and even modern-day slavery.

April 26 is World Intellectual Property Day. Whenever you buy something, think about what might be a counterfeit, a knockoff or something pirated. Learn the differences:

(D. Woolverton/State Dept.)
(D. Woolverton/State Dept.)

Staff writer Lauren Monsen contributed to this article.