Final answer:
Cloud computing is the term for software services offered over the Internet, enabling cheaper and faster data transmission and global access to various services.
Step-by-step explanation:
The term for software services that are provided over the Internet, rather than at a physical company site, is known as cloud computing. This service model allows for cheaper, faster, and better-quality data transmission, and has given rise to technologies such as Internet-based calling and video calling. Cloud computing services enable operations like tech support to be offered globally, which is part of the reason you might find yourself speaking with a representative from another country, despite the local time difference. They can access your devices remotely to provide assistance, which is a hallmark of cloud-based services. In essence, cloud computing and telecommunications advancements have significantly reduced the cost of managing long-distance economic activities such as production and sales, facilitating the globalization of services.