What does the term "intellectual property" encompass?

The term "intellectual property" refers to legal rights that are granted to individuals or organizations for their intangible creations. This includes ideas, inventions, designs, and various types of creative works. Specifically, intellectual property encompasses innovations such as inventions (patents), artistic works (copyrights), symbols, and brand names (trademarks).

"Intellectual property" emphasizes the legal ownership aspect, ensuring that creators can protect their work from unauthorized use or reproduction. This protection applies to intangible assets, which are not physical objects but have significant value. For instance, software is a prime example of intellectual property, as it is a creation of the mind that can be protected legally.

The other options do not accurately reflect the broad scope of intellectual property. The first option limits it to specific categories of creative works, while the second refers to tangible assets that are not covered under intellectual property law. The last option also restricts the definition to only art and literature, excluding many other forms of intellectual property. Therefore, the answer that captures the true essence of intellectual property is the one highlighting legal ownership of intangible assets.