As per the World Intellectual Property Organisation (in short “WIPO”), the following is the explanation.
What is Intellectual Property?
Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.
IP is protected in law by, for example, patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.
WIPO Intellectual Property Handbook: [Policy, Law and Use]
This general reference work, published in 2004, covers all aspects of intellectual property (IP), including international treaties and conventions, the administration and enforcement of IP rights and WIPO’s work in its Member States. Issues such as electronic commerce, biotechnology, traditional knowledge and management of copyright and related rights are also covered.
WIPO handbook can be downloaded from here: https://www.wipo.int/about-ip/en/iprm/