Saturation

Related to chromaticity, saturation tells us how a color looks under certain lighting conditions.
For instance, a room painted a solid color will appear different at night than in daylight. Over the course of the day, although the color is the same, the saturation changes. This property of color can also be called intensity. It can be described as pale or weak and pure or strong.

Colour Value

When we describe a color as "light" or "dark", we are discussing its value in relation to Brightness. When a hue appears lighter and closer to appearing white it has a higher value. When the colour is darker nearing blck it has a lower value.

Luminance

The colors on the colour wheel have equal luminance. Adding white will increase lightness and adding black will decrease it.

Tints, Tones and Shades

Tints, Tones and Shades: If white is added to a color, the lighter version is called a "tint". If the color is made darker by adding black, the result is called a "shade". And if gray is added, each gradation gives you a different "tone."

Achromatic

Black, white and greys. Artwork that is executed without color.