Intellectual Property 

Intellectual property is a broad categorical description for the set of intangible assets owned and legally protected by a company or individual from outside use or implementation without consent. An intangible asset is a non-physical asset that a company or person owns. The concept of intellectual property relates to the fact that certain products of human intellect should be afforded the same protective rights that apply to physical property, which are called tangible assets. Most developed economies have legal measures in place to protect both forms of property. Key Takeaways  Intellectual property is an umbrella term for a set of intangible assets or assets that are not physical in nature.  Intellectual property is owned and legally protected by a person or company from outside use or implementation without consent.  Intellectual property can consist of many types of assets, including trademarks, patents, and copyrights.  Intellectual property infringement occurs when a third party engages in the unauthorized use of the asset.  Legal protections for most intellectual property expire after some time; however, for some (e.g., trademarks), they last forever.

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