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Let's take a look at those parts a little more closely.
Hue

When we look at the color wheel, we can see that we have organized our colors by hue.
Value

This property is sometimes called brightness, depending on the tools you are working with or the people you are talking to. Here is a good example for those of you who paint in Photoshop. The HSB slider in the color panel for the value is labeled B for brightness. You can see that it adjusts how light or dark the color is. When we adjust this slider we are adjusting the value.
Saturation
Saturation is how pure or strong the color is in comparison to its original color. For example, we can have two different reds below the original red of the apple.
Comparing the two color swatches to red the original red, we can see that one color swatch is closer to the original red and the other is closer to a neutral gray. The color that more closely matches the original color is a more saturated red. The other red is considered to be less saturated or muted.
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Now that we have learned a little about the three different properties of a color, look around at the colors of the objects you see and try to determine the different properties of each color. First, describe the hue. For example, is the object orange, red-orange, or yellow-orange? Then describe the value. Is the color light or dark orange? Where does the color fall on the value scale? Then determine if it is a saturated color or a desaturated color. Does the color seem like it has a strong sense of color or does it feel more muted?