Why is asymmetric encryption commonly referred to as public-key encryption?

What will be an ideal response?

Asymmetric encryption can be used to provide elegant solutions to problems of secrecy and verification. This technique has its highest value when one key is used as a private key, which means that it is kept secret (much like the key of symmetric encryption), known only to the owner of the key pair, and the other key serves as a public key, which means that it is stored in a public location where anyone can use it. This is why the more common name for asymmetric encryption is public-key encryption.