Final answer:
Art Criticism is the term referring to making discriminating judgments about artworks. It includes various schools of criticism like formalism, sociocultural, and expressive theories.
Step-by-step explanation:
The term that refers to making discriminating judgments, both favorable and unfavorable, in the context of art and literature is Art Criticism. Art criticism involves analyzing and evaluating the aesthetic and conceptual elements of artworks. This can include formal analysis, which examines the visual aspects of a piece, as well as considering the work within its sociocultural context. Different schools of criticism, such as formalism, sociocultural, and expressive theories, each have unique perspectives on how art should be judged and interpreted. Formalism, for instance, focuses on the artwork's form and composition, while sociocultural theories look at the art's cultural and societal significance, and expressive theories emphasize the artist's intention and emotion conveyed.