Intellectual Property (IP) refers to the legal rights that protect creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce. These rights allow creators to control the use of their creations and benefit financially from them. The main types of intellectual property include copyright, trademarks, and patents. Copyright protects original works of authorship, while patents grant exclusive rights to inventors for their inventions. Understanding IP is crucial for fostering innovation and creativity in various industries.