Upvote:3
The component is called a speaker or a loudspeaker and Alexander Graham Bell was indeed the person who invented this component in 1876. A current goes to a coil which acts like a magnet and depending on the magnitude of the current, it attracts or repels a static magnet that is attached to a piece of paper.
In this way, the oscillations of the electric current are converted to mechanical oscillations of the piece of the paper on the loudspaker (next to the magnet), and oscillations of the paper create oscillations of the air โ the sound.