In a nutshell, intellectual properties (IP) are the creations of the mind and are intangible assets which may be found in physical objects, such as a smartphone but which otherwise has no physical form.
For example: a proprietor may own the patents for various inventions which are found in the smartphone you bought. Your ownership of the smartphone is limited to the actual physical unit you paid for, while the right to make copies of the unit remains with the proprietor and does not pass to you. The purchase of the unit by you does not entitle you to make more units. Neither does it allow you to use the trade mark identifying the proprietor.
Another example: your favourite movie, which features a great soundtrack, contains various original works in which copyrights subsist. These would include at the very least literary work (screen play) and musical works (sountrack).
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