Final answer:
Ports 1-1023 are referred to as Well-Known ports and are reserved for standard services like HTTP and FTP.
Step-by-step explanation:
Ports 1-1023 are known as Well-Known ports. These ports are assigned by the Internet Assigned Numbers Authority (IANA) and are used by system- or application-specific services. This range includes ports for services such as HTTP (port 80), HTTPS (port 443), FTP (port 21), and many others that are widely recognized and used for common Internet protocols and services.