Intellectual property is a right given to people who created something through innovation.
A copyright is an intellectual property that people are probably most familiar with. It is given to books, movies, music, paintings, photographs, software, or any artistic works.
A patent is an intellectual property given to a inventor who created some invention.
A trademark is given to various business products or services.

Social Issue
Giving intellectual property rights to someone is like making him a monopoly. A monopoly is created because noone can copy or create the product for a certain time period. Therefore the owner of the intellectual property rights has no competition in the business world. This means that the price can be altered as the owner wishes. Then a market failure occurs because price does not reflect the society’s real price. Consequently, some people say that intellectual properties are not good for the economy.

But some people disagree to this idea. Intellectual property rights creates more innovation because the innovation is protected by the rights. Then there will be more products in the market. This increases the standard of living of a country. Standard of living is number of choices a country can offer to their people. If more goods and services are out in the market, then people have higher standard of livings. A higher standard of living also means that the country’s GDP is higher because they are directly proportional. Consequently, intellectual property can also be good for the economy. This is a BIG DEBATE…

Copying information that has intellectual property rights is said to be illegal for stealing. But the official definition of theft is taking away the property, taking of away the owner’s use of the property, or the destruction of the property. But if you copy an information, it does not take away the information away from the owner, it does not take away the owner’s right to use the information, or it is not destroying the information. Therefore, some people believe that breaking the intellectual property rights should not be illegal because it is not theft.

Source: http://itgssyllabus.blogspot.com