What is intellectual property ? What do you understand by intellectual property rights ?

Any piece of information is produced or created with a lot of efforts and it consumes a lot of time. Creative creations of mind such as patents, literary and creative arts, copyrights, trademarks etc. are known as intellectual property.

Intellectual property rights are the rights of the owner of information to decide how much information is to be exchanged, shared or distributed. Also it gives the owner a right to decide the price for doing so.