Intellectual property (IP) is a type of property that covers intangible works. Some common types of IP include trademarks, such as brands like McDonald’s and Nike; patents, such as the global positioning system (GPS) and the microwave; industrial designs and design patents, such as the shape of the Apple iPhone; copyrights, such as music and movies; trade secrets, such as secret recipes and processes; and geographical indications, such as champagne.
The concept of intellectual property rights is considered to provide an economic incentive to individuals and businesses, as intellectual property law protects their creations. Copyrights, patents, and industrial designs are normally applicable for a limited time. Whereas trademarks and trade secrets can potentially last indefinitely.