Final answer:
The term 'Paleozoic' refers to the era meaning 'ancient life,' which lasted from about 544 to 245 million years ago and saw significant evolutionary developments including the Cambrian explosion and the Permian extinction.
Step-by-step explanation:
The term that means "ancient life" is Paleozoic. The Paleozoic Era is known as the age of "old life," spanning from approximately 544 to 245 million years ago. This era began with the Cambrian explosion, which saw a great diversification of life, and ended with the Permian extinction, the largest mass extinction event in Earth's history at that time. The Paleozoic Era is marked by significant evolutionary developments, including the emergence of early life forms that would give rise to a myriad of species, both in marine environments and eventually on land.