The name means "Teachings of the Elders". It is also known as ""Hinayana"", the "Small Way" or "- Vehicle", but this term is sometimes considered pejorative.
Theravada is the more austere and unelaborated branch of Buddhism, following more closely to the earlier forms of Buddhist practice.
Historically, it has been dominant in Burma (Myanmar), Thailand (Siam), and Sri Lanka (Ceylon).