Define 'intellectual property'.

Intellectual property refers to creations of the mind that are legally protected, including inventions, literary and artistic works, designs, symbols, names, and images used in commerce. This legal protection allows the creator to control the use of their creations, prevent unauthorized use, and benefit from their innovations. Intellectual property rights encourage creativity and innovation by ensuring that creators can reap the rewards of their intellectual contributions.

The focus on legal protection makes this definition critical in business, as it helps companies safeguard their unique products and ideas, thus fostering a competitive advantage in the market. Understanding this concept is essential for businesses, as it involves the management of valuable intangible assets within an ever-evolving economic landscape.