Y′UV
Y′UV, also written YUV, is the color model found in the PAL analogue color TV standard (excluding PAL-N). A color is described as a Y′ component (luma) and two chroma components U and V. The prime symbol (') denotes that the luma is calculated from gamma-corrected RGB input and that it is different from true luminance. Today, the term YUV is commonly used in the computer industry to describe colorspaces that are encoded using YCbCr.
In TV formats, color information (U and V) was added separately via a subcarrier so that a black-and-white receiver would still be able to receive and display a color picture transmission in the receiver's native black-and-white format, with no need for extra transmission bandwidth.
As for etymology, Y, Y′, U, and V are not abbreviations. The use of the letter Y for luminance can be traced back to the choice of XYZ primaries. This lends itself naturally to the usage of the same letter in luma (Y′), which approximates a perceptually uniform correlate of luminance. Likewise, U and V were chosen to differentiate the U and V axes from those in other spaces, such as the x and y chromaticity space. See the equations below or compare the historical development of the math.