Final answer:
Intellectual property refers to intangible assets such as patents, copyrights, trademarks, and trade names that grant rights, privileges, and competitive advantages to the owner.
Step-by-step explanation:
Intellectual property refers to the rights, privileges, and competitive advantages that result from ownership of long-lived assets that do not possess physical substance. Examples of intellectual property include patents, copyrights, trademarks, trade names, franchises, licenses, and goodwill. These intangible assets provide legal protection for inventors and creators, allowing them to produce and sell their creations exclusively for a limited time.