These three terms are used in art but mostly photography. They all add different features to the photograph, from how it looks to its tonal range. We use colour over everything else because it makes the photo come alive, captures its true essence of what was going on. Colour gives us the brightness and brilliance of the image capturing it the exact way it was. However there is something haunting about black and white, it captures the darkness that is within the photograph. The tonal range of black and white changes how we see the object or subject within the image. Comparing the 2, colour vs black white is like comparing opposite ends of the spectrum. they both offer different perspectives on the image. To throw it in the mix I add another comparison of sepia. This is such a different variant on the other two. It makes images look old fashioned and from another time. This type of tonal photograph looks yellowish brown and is used to warm up photographs.
Black and white came first then sepia (for toning purposes) then colour. No matter which one we use or like it doesn’t matter because either way they make photographs beautiful. There tonal ranges will be as unique as each other not matter what you use.