The term "color palette" refers to a selection or range of colors that are used in an artistic work, such as painting, graphic design, fashion, etc. It is essentially a collection of hues and shades that serve as a guide for the artist while creating their piece. The color palette can be inspired by various sources like nature, emotions, or even cultural influences. In digital media, it refers to the set of colors available in an application or software for use in designing or editing images.