Intellectual Property is protected by law, 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.
The main types of intellectual property include copyright, trademark, and patent. In some countries, "related rights" or "neighboring rights" are a significant subset of copyright; patents can be divided into utility, design, and plant patents, depending on what they protect; trade dress is an important subset of trademark.
Kinda wordy but I hope this can help!