What is meant by 'intellectual property'?

'Intellectual property' refers to the legal rights that arise from intellectual activity in the fields of commerce, science, and the arts. This encompasses a range of intangible assets, including inventions, literary and artistic works, designs, symbols, names, and images used in commerce. The essence of intellectual property is that it allows creators and inventors to control the use of their creations, enabling them to reap the benefits of their work and innovation.

This concept supports the protection of inventions through patents, artistic works through copyright, branding elements through trademarks, and more. Intellectual property law aims to foster an environment that encourages creativity and innovation by granting exclusive rights for a certain period. This encourages individuals and businesses to invest time and resources into creating new products and ideas, knowing they have a legal framework protecting their rights.

In contrast, the other options represent concepts that do not align with the definition of intellectual property. Physical assets owned by a business do not constitute intellectual property because they refer to tangible items rather than intangible creations. Public domain works are those whose copyrights have expired or that are not eligible for copyright, thus implying that they can be used without restrictions, which does not align with the protective purpose of intellectual property. Lastly, the idea that some creative works do not