g What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?

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Answer:

Explanation:

"Intellectual Property" is basically an idea or creation that someone has come up with and legally established as their own property. It is called this because it has been created with the thoughts and ideas of that individual, ideas that nobody else has had, and legally belongs to that individual/company. This is an incredibly important issue because without it anyone could steal any idea, design, or creation from anyone else and use it as they see fit. By registering an "Intellectual Property" the person has full control and ownership of that idea, design, or creation and anyone trying to steal it can face legal repercussions.

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