What is produced from Transcription and Translation? Where do transcription and translation each take place? Why is translation called "translation?"

During transcription, a strand of RNAm is obtained from DNA.

On the other hand, the translation is the process of peptide synthesis, from mRNA. This last process occurs in the cytoplasm, and is mediated by the ribosomes.

Regarding your last question, this last process is called translation, since in this process we pass from genomic language (nitrogenous bases) to amino acids (constituents of peptides).