Which of the following best describes trade secrets?

Trade secrets are best defined as confidential business information that provides a competitive edge. This encompasses a wide range of information, including formulas, practices, processes, designs, instruments, or any other details that give a business a competitive advantage over its competitors. The key aspect of trade secrets is their secrecy; the business must take reasonable steps to keep this information confidential. Unlike patents, which require public disclosure, trade secrets remain undisclosed, allowing companies to maintain their edge as long as the information is kept hidden from competitors.

The other options describe different forms of intellectual property or information. Publicly shared information does not qualify as a trade secret because it lacks the confidentiality element necessary to provide competitiveness. Trademarks are symbols or words legally registered or established by use as representing a company or product, which is distinct from confidential business information. Creative works protected by copyright refer to the protection of original works of authorship, which is not related to the concept of trade secrets. Therefore, describing trade secrets as confidential business information that provides a competitive edge accurately captures their essential characteristics.