Intellectual property encompasses creations of the mind and is protected by legal mechanisms like patents, trademarks, copyrights, and trade secrets. There are four main types of intellectual property: 1. Patents give owners the legal right to exclude others from making, using, or selling an invention for a limited period in exchange for publishing an enabling disclosure. 2. Copyrights grant creators exclusive rights to the use and distribution of original works. 3. Trademarks protect symbols, names, and slogans used to identify goods and services and prevent confusion while ensuring brand recognition. 4. Trade secrets maintain a competitive edge by keeping valuable confidential business information secret indefinitely as long as it remains confidential.