Final answer:
The term 'value' refers to the lightness or darkness of a color, which is influenced by the addition of black or white to create various shades. This concept is important for artists for shading and highlighting in their work.
Step-by-step explanation:
The term used to describe the degree by which a color appears to reflect more or less of the incident light, corresponding to the lightness or darkness of the perceived color, is value. Value is a fundamental element of art that defines how light or dark a color appears. It is created by the addition of black or white to a color, which changes its shade. This concept is essential for artists as it allows for the creation of dimension through shading and highlighting in a painting. The value scale is a tool used by artists that shows a range from pure white to black, with varying shades of grey in between. This scale helps in distinguishing high-keyed values, which are closer to white, and low-keyed values, which are closer to black.