Final answer:
Industry agreements for hardware component communication with PCs are called Plug and Play standards. They enable automatic device recognition and configuration for user convenience.
Step-by-step explanation:
Industry agreements that cover how hardware components should communicate with the PC into which they are installed are called Plug and Play standards.
These standards are designed to facilitate the detection and configuration of hardware devices, making them automatically recognized and ready to use without requiring manual settings or complex installation procedures. The purpose of plug and play is to improve the compatibility and interchangeability of various components within computer systems.