What is IP
The "IP" is abbreviation comes from Internet Protocol.
This protocol is used for communication between computers through network packets. IP has the task delivering messages between two hosts, entirely based on the IP addresses of the hosts.
Each computer which participates in IP network(Internet) has it's own IP address.
Each IP address indicates the physical location of the computer to which it is assigned , including your computer.
Here is an example of how an IP address looks :
209.85.148.136 (YouTube)
Since you already know the basic meanings of IP and IP address, you may read these articles :
What is my IP | Why to change my IP | How to hide my IP