Before we begin let's define what color is. Color is light, light is composed of many colors.
A color can be described in three ways: how pure or desaturated it is, It's value or lightness. An example of this can be seen with the colors Pink, Crimson, and Brick. Those colors are all variations of the color red, each hue is of a distinct value and differentiated by its chroma, saturation, intensity and value.
Below are some basic vocabulary word that you should be familiar with.
Chroma: How pure a hue is in relation to gray
Saturation: The degree of purity of a hue
Intensity: The brightness or dullness of a hue. One may lower the intensity by adding white or black
Value: A measure of the amount of light reflected from a hue. Those hues with a high content of white have a higher luminance or value.
Shade: A hue produced by the addition of black
Tint: A hue produced by the addition of white.

Color Basics
This Article Gives basic knowledge of color.

The Color Wheel
Teaches all about the Color Wheel..

VALUE
Learn what value is and how it is important.