In color theory, what does the term 'value' refer to?

In color theory, 'value' specifically refers to the lightness or darkness of a color. This aspect of color is crucial because it influences how colors are perceived and how they interact with one another. For example, a color with a high value is closer to white and appears lighter, while a color with a low value is nearer to black, appearing darker. Understanding value is essential for artists and designers as it helps in creating depth, emphasis, and balance in visual compositions. By manipulating the value of colors, one can alter the overall mood and tone of an artwork.