Final answer:
The term that describes the separation and collection of blood components is 'fractionation,' accomplished through centrifugation.
Step-by-step explanation:
The term used to describe the separation, selective removal, and collection of one or more of the individual components that form whole blood is fractionation. Fractionation involves separating blood into its constituent parts, such as plasma, red blood cells, white blood cells, and platelets.
This process is typically achieved using centrifugation, where the blood is spun at high speeds, causing heavier components to settle at the bottom of a specimen tube due to centrifugal forces, while lighter components remain in the plasma.