What is the definition of intellectual property?

Intellectual property is defined as creations of the mind that have commercial value, which includes inventions, literary and artistic works, designs, symbols, names, and images used in commerce. This definition encompasses various forms of intellectual property such as patents, copyrights, trademarks, and trade secrets, all of which are used to protect the rights of creators and inventors. The concept hinges on the idea that such creations can generate economic benefits, making them valuable in the market.

This understanding is key in distinguishing intellectual property from other forms of property that do not emphasize the commercial aspect, highlighting why the chosen answer reflects the most accurate definition in the context of intellectual property law.