Monochromatic colors refer to hues with various shades, tones, and tints of the same base color. Analogous colors are hues that are next to each other on the color wheel and share a common color trait. Complementary colors are opposite each other on the color wheel and create a strong contrast when combined. These concepts are fundamental in the field of color theory, which is used in art, design, and other visual arts to create harmonious and aesthetically pleasing color palettes.