What does intellectual property encompass?

Intellectual property encompasses creations of the mind that are used in commerce, which include things like inventions, literary and artistic works, designs, symbols, names, and images used in business. This definition highlights the importance of intangible assets in the economy, emphasizing that these creations can be legally owned and protected. By safeguarding ideas and innovations through intellectual property laws, creators can prevent others from using their work without permission, ensuring they receive recognition and financial benefits from their contributions. This concept is crucial in fields like technology, literature, music, and art, where original ideas and expressions form the backbone of commerce and cultural development. The other options focus on tangible assets, physical property, or regulatory frameworks, which do not capture the essence of what intellectual property is about.