What is the value given to a digit by its place in a number?

The value given to a digit by its place in a number is known as its "place value." This value is determined by the position of the digit within the number, with each position representing a power of ten. For example, in the number 345, the digit 4 has a place value of 40 because it is in the tens place. Thus, place value helps to quantify the contribution of each digit to the overall value of the number.