When discussing colour there is a lot of technical information to take in, including learning about colour models, spaces, and gamuts, as well as specific mathematical colour models such as CMYK or RGB.
However, learning the basics is important as it makes buying decisions easier when it comes to phones, TVs, laptops and computer monitors.
There is not one simple colour space that can be used for everything, as different purposes require different colour spaces, and some are device-dependent and others device-independent.
For example, colour can be optimised for web use or printed in a magazine with different results.
Ultimately colour is about perception and preference, and typically the layperson does not need to understand the technical aspects behind the scenes.