Final answer:
Intellectual property refers to works of the mind such as art, books, inventions, and music that are legally protected, ensuring creators can profit from their work and are credited for it.
Step-by-step explanation:
The term used to describe works of the mind such as art, books, inventions, music, and processes that are distinct and owned or created by a single person or group is intellectual property.
It includes the material and nonmaterial products of an individual or group that are protected by national and international laws, ensuring they cannot be used for profit by others without proper attribution or compensation.
Intellectual property includes various categories such as copyrights, patents, trademarks, and trade secret law, which collectively protect the rights of creators and inventors to produce and sell their inventions and artistic works.
These laws make intellectual property nonexcludable and nonrivalrous, allowing its benefits to be captured as private benefits by the original creators or companies that own them.