Final answer:
Intellectual property refers to the ownership of ideas, concepts, or images and includes patents and copyrights. These rights are managed through laws, negotiations, and treaties.
Step-by-step explanation:
Intellectual property refers to the ownership of ideas, concepts, or images, rather than physical property. It includes patents, trademarks, copyrights, and trade secret laws. Patents protect inventions and give the inventor the exclusive legal right to make, use, or sell the invention for a limited time, while copyright laws protect works of literature, music, film/video, and pictures. These intellectual property rights are managed in partnership through laws enacted by countries around the world, negotiations through the World Intellectual Property Organization (WIPO), and international treaties.