PIGMENT:  The pigment is used to create the most obvious attribute of the formula — it’s color.  Pigments are colored powders obtained from a variety of sources, both organic (derived from animal or plant sources) and inorganic (processed from mineral sources).  See post:  The Painter’s Palette

BINDER: The binder is the component of the paint/glaze in which the particles of pigment are suspended and that which dries and/or oxidizes (changes from a liquid to a solid) to form the basis of the cured paint/glaze film.  This element affects quality, durability, and surface finish.  Some examples of binders are;  linseed oil, acrylic medium, egg, and beer.

SOLVENT:  As a paint ingredient, a solvent regulates a paint’s consistency by diluting the binder.  A solvent evaporates after the paint has been applied, leaving behind a curing film of binder and pigment.    A solvent is called a thinner when it is added to paint in order to thin down its consistency or to reduce its working time, such as when mixing a glaze.  Some examples of solvents are; water, alcohol, turpentine, and thinner.