Final answer:
Intellectual property encompasses intangible creations that can be owned and protected through legal means like copyright and patents.
Explanation:
Intellectual property refers to intangible creations of individuals that can be owned and protected through legal means such as trademark, copyright, and patents. Once a creative idea is fixed in a tangible format like a book or a movie, it becomes intellectual property. This form of property includes industrial property related to inventions and trademarks, as well as copyright for literary, musical, and artistic works.
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