Final answer:
The DNA sequence between two inverted repeats is referred to as an intervening sequence or transposon's internal sequence.
Step-by-step explanation:
The DNA sequence located between two inverted repeats is often referred to as an intervening sequence or, more specifically in the context of transposable elements, as a transposon's unique internal sequence. These sequences can include genes responsible for characteristics such as enzymatic functions necessary for the mobility of the transposable element.
For instance, the 'Ac' (Activator) and 'Ds' (Dissociation) transposable elements in maize have 11 base pair (bp) repeat sequences at either end, which are inverted relative to each other. This particular arrangement of inverted repeats is a hallmark of many transposable elements and is critical in the process of transposition, where the element moves from one genomic location to another.
The sequence between these repeats can vary in function and size, and when such an element inserts into the genome, it is often accompanied by direct repeats of the target DNA, which is not part of the transposon itself but duplicated during the insertion process.