There is no special name for that; just called it "one eighth of an inch".
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One eight of an inch called RUG. 1/8 called one TUG. 2/8 called two RUGS.
There are eight eighths in one inch. Therefore, in half an inch, there would be four eighths.
Eight half inch cubes would fill a one inch cube.
It's the greatest length you could cover if somebody cut up one inch into eight equal pieces and gave you three of them to work with.
Eight millimeters is equal to 0.31 inches. There are 24.4 millimeters in one inch and one millimeter is equal to 0.04 inches.
Eight ten thousandths of an inch.