Final answer:
Intellectual property is typically guarded by copyrights and patents, which grant exclusive rights and incentives for innovation.
Step-by-step explanation:
Intellectual property is usually protected by copyrights and patents. Copyrights provide the author exclusive legal rights over their works, including literature, music, and art, which typically last for the life of the author plus 70 years. Patents, on the other hand, offer an inventor the exclusive right to make, use, or sell their invention for a limited time, generally twenty years.
These forms of intellectual property protection are crucial for fostering innovation and creativity, providing incentives for research and development.