Which of the following best describes intellectual property?

Intellectual property refers to creations of the mind that have a value in the marketplace, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce. These intangible assets are protected by law through patents, copyrights, trademarks, and trade secrets, allowing creators to control the use of their creations and benefit from their economic value.

The other options do not capture the essence of intellectual property. Tangible assets refer to physical items that can be touched or held, which is not the case with intellectual property. Government-owned innovations imply a specific ownership model that does not encompass the broader range of intellectual property that can be held by individuals, businesses, and other entities. Lastly, physical property rights pertain to tangible goods and property, which again does not align with the intangible nature of intellectual property. Thus, the description that best fits intellectual property is its characterization as intangible creations with marketplace value.