What does the term "intellectual property" encompass?

The term "intellectual property" refers to the collection of intangible creative works that are protected by law through various means, including copyrights, trademarks, patents, and trade secrets.

Focusing on the correct choice, intellectual property includes the rights associated with creative outputs, ensuring that creators can control the use and distribution of their works. This aspect is crucial because it incentivizes innovation and creativity, allowing individuals and companies to benefit from their inventions and artistic expressions. Creative works under this definition include literature, music, art, designs, symbols, and names used in commerce, all of which fall under the umbrella of intellectual property.

The other options do not accurately define intellectual property. Physical assets, for instance, are tangible items and do not encapsulate the concept of intellectual rights. While inventions and patents are part of intellectual property, restricting the definition to just these elements neglects the broader spectrum of creative works, including copyrights and trademarks. Lastly, government-owned work products may not represent the concept of intellectual property as it is typically understood, which includes both private and publicly available creative works.