What does the term "intellectual property" refer to?

The term "intellectual property" refers to the ownership of the creation of an idea, which encompasses various types of intangible assets that result from intellectual and creative effort. This includes inventions, literary and artistic works, designs, symbols, names, and images used in commerce. Intellectual property is protected through legal rights that allow creators to control the use of their creations and ensure that they are compensated for their innovations. This ownership encourages innovation and creativity by giving individuals and organizations exclusive rights over their intellectual creations, presenting a clear framework for protecting and monetizing ideas.

While trademarks, physical assets, and public domain content are related concepts, they do not encapsulate the overall definition of intellectual property as effectively as the ownership of an idea does. Trademarks are a specific category of intellectual property, physical assets pertain to tangible items rather than ideas, and public domain content refers to works that are not protected by intellectual property rights.