Final answer:
Intellectual property refers to the body of law that protects the ownership of ideas and creations. It has a significant impact on the business landscape, influencing competition, innovation, and international relations. The World Intellectual Property Organization plays a key role in harmonizing IP laws across different countries.
Step-by-step explanation:
Intellectual property (IP) constitutes laws that protect the ownership of ideas, concepts, and images, as opposed to tangible assets like real estate. It forms a critical part of global business, influencing company behavior and international economic relations. IP laws include patents, trademarks, copyrights, and trade secret laws. Such protections are provided by legislation varying from country to country, with entities like the World Intellectual Property Organization (WIPO) endeavoring to harmonize these provisions internationally.
IP rights empower creators and inventors, enabling them to control and monetize their creations. This incentivizes innovation but also shapes competition, as firms aim to protect their private benefits and manage positive externalities. IP rights also have implications on access to technology and information due to their nonexcludable and nonrivalrous nature, often leading to intricate legal and ethical discussions within the sphere of global commerce and development.