Here's why:

* Cu represents the element copper.

* O represents the element oxygen.

* The subscript "2" indicates that there are two copper atoms for every one oxygen atom.

* Copper(I) indicates that the copper ions have a +1 charge.

Therefore, the correct name for Cu₂O is copper(I) oxide.

It's important to note that this compound can also be called cuprous oxide, but the modern IUPAC naming system prefers copper(I) oxide to avoid ambiguity.