Pantone

Pantone is a standardized colour matching system (PMS for short) or 'Spot colours' as they are also called. Pantone developed their first ever colour matching system in 1963. Standardized as they have created a numbering system that gives individual colours and identity. This is a huge benefit as different manufactures and artists all over the world can insure colours match without contacting one another.
The pantone solid palette is the most common used palette and was originally designed for the graphics industry. Yet so popular that it is used by all industries. It consists of 1,114 colours and are identified by 3 or 4 digit numbers, followed by C, U, or M suffix.
For example; 456C or 1234M

C - Coated paper
U - Uncoated paper
M - Matte paper

                                                                           1234M                                                                     

456C

Pantone also have a process palette consisting of 3,000 digitally created colour variations, using CMYK process printing. These are identified by DS followed by hyphenated numbers from DS-1-1 through DS-334-9 and may be followed by C or U. These are only suitable for 4 colour printing and are used to design colour build using CMYK, in various combinations.

The Pantone Colour Bridge is a usefull tool used to convert Solid Colours into CMYK percentages.

Global fashion, textile, and apparel designers/manufactures use another palette created by Pantone which simply called Fashion and Home colours of which it boasts 1,925 Pantone. This textile palette consists of various colours and is identified by 2 digits, followed by a hyphen, 4 digits, and a suffix. the suffix is changed dependent on the material.
For example; Pantone 19-2430 could be identified as Pantone 19-2430 TPX Purple Potion(printed on paper) or 19-2430 TC Purple potion (dyed on cotton). 

There is also a Plastic palette used mostly for specific colours for molded and fabricated plastics. Consisting of 735 transparent and 1,005 opaque plastic colour chips, each chip comes in 3 different layers of thickness with the purpose of displaying different levels of transparency.
Examples; Opaque (Q) Q200-2-4 and Transparent (T) T200-2-4.

The final and newer palette that Pantone offers is the Goe Palette containing 2,058 chromatically-arranged solid colours.

Colour Systems

Colour systems are methods in which colour is produced.
Additive  & Subtractive (also known as Reflective) are the 2 colour systems.

The Additive colour system is based on 3 colours. RED, GREEN & BLUE also referred to as RGB. these are the prime colours of this system instead of the primary colours we are used to (red, yellow, blue).

The concept here is simple. Anything that emits light such as the sun or a bulb is an additive colour. Red, green and blue are not the only colours that this system is capable of. Here different colours are created by a mixture of different wavelengths of light. Hues can be created by adding or decreasing light. The more light you add the brighter the colour, whereas the less light you add, the darker the colour. The negative space is apparent as the colour black as there is an absence of colour. The colour white on the other hand is a combination of colours.

Subtractive or Reflective colour is the complete opposite of additive. This system works on the basis of reflecting light rather than emitting it. Here the prime colours are Cyan, Magenta, Yellow referred to as CMY.

Colour is Determined by the way a certain pigment reflects different wavelengths of light as it makes contact and reflects into the human eye. In this system the negative or absence of colour is represented by the colour white, while black is the mixture of colour. Although it must be kept in mind that this is an imperfect system as light is not emitted it is reflected off the pigment which does not fully absorb light. Taking this into consideration a fourth pigment is used to compensate. This is called Key, and the famous CMYK was born. Key is a black pigment which is required as without it we would not be able to render the colour black properly and accurately.

The Colour Wheel

To begin exploring Colour which is one of the formal elements in design. We must look at the very foundations of colour theory, which date back to as far as the 15th century.

                                                                   The Colour wheel

Here we can see that there is a logical formation or order of hues of colour. As your eyes follow the different colours, from any direction, it is noticeable that the next colour is relative to the previous one. What i mean by this is that every colour is derived from another by using different formulations of primary colours, being Yellow, Red & Blue.

Though these primary colours create other colours, they can not be created by any other colour.

From the primary colours we get the secondary - Green, Orange & Purple.

When primary and secondary colours are mixed then tertiary colours are created such as Red-Violet or Yellow-Orange.

The amount of colours are honestly endless as you can constantly change the hue of any colour in the tiniest and still the change will be recognizable to the human eye.