Final answer:
Intangible assets are non-physical assets like computer software, licenses, and franchises, which are forms of intellectual property. Natural resources, being physical objects, are not considered intangible assets.
Step-by-step explanation:
Intangible assets are types of assets that are not physical in nature. Common examples include computer software, licences, and franchises. These assets represent legal rights or competitive advantages that a business might hold. For instance, computer software can be capitalized and used to produce goods and services, which defines it as a form of capital. Similarly, licenses and franchises grant a business exclusive rights to operate or sell particular products or services, which are valuable intellectual properties protected by law. In contrast, natural resources, such as land, minerals, and timber, are tangible assets because they are physical items that can be owned and sold. Therefore, natural resources do not fit the description of intangible assets because they are inherently physical rather than purely conceptual.