What term describes the value of a digit based on its position in a number?

The term that describes the value of a digit based on its position in a number is "place value." Place value is fundamental in our number system, where each digit's value is determined by its position relative to the other digits. For example, in the number 345, the digit '3' represents 300 because it is in the hundreds place, while '4' represents 40 in the tens place, and '5' represents 5 in the units place.

Understanding place value is crucial in mastering operations with numbers, as it enables students to comprehend multi-digit numbers, perform addition and subtraction accurately, and engage in more complex mathematical concepts such as rounding or estimating. This concept lays the groundwork for further mathematical learning and reinforces the understanding of the base-10 numbering system used universally.