Final answer:
A component used as a carrier in which substances are dissolved or suspended is called a solvent, and it plays a crucial role in forming solutions for various applications.
Step-by-step explanation:
The component used as a carrier or diluent in which liquids, semisolids, or solids are dissolved or suspended for internal or external use is called a solvent. A solvent can be a liquid, solid, gas, or supercritical fluid that has the ability to dissolve a solute, forming a solution. Solvents are integral to a variety of applications, including chemical syntheses, purification processes, and are found in everyday personal and household items. They also play a crucial role in the pharmaceutical, oil, and gas industries. The solubility of a solute in a particular solvent may vary, resulting in different types of solutions such as unsaturated, saturated, miscible, immiscible, or partially miscible depending on the concentration and interaction between solute and solvent.