Final answer:
The term for using the Internet and IP networks to make telephone calls is Voice over Internet Protocol (VoIP), which has made communication cheaper and of higher quality, and has facilitated international trade by easing the transmission of information-based services and products.
Step-by-step explanation:
The use of the Internet and IP networks to route and carry telephone calls is called Internet Telephony or Voice over Internet Protocol (VoIP). Improvements in technology have made this possible, allowing phone calls to be made via microwave transmission, communications satellites, and other wireless technologies.
VoIP has introduced benefits like cheaper, faster, and better-quality data transmission, leading to spin-off technologies such as free Internet-based calling and video calling. Moreover, telecommunication advances have broadened consumer choice, reduced the cost of phone calls especially for long distances, and generally improved phone service quality.
In the context of economic connections, telecommunications have advanced to the extent that many valuable products and services that can take the form of information, like software and financial advice, are now easily and efficiently transported over these networks.
This has reduced costs and fostered international trade agreements and treaties. The evolution of the internet from using standard phone lines to broadband connections has expanded its capacity and capabilities, setting the stage for companies to offer more sophisticated online services to consumers.