Place value system

The place value system is how we understand the value of each digit in a number based on its position. For example, in 345, the '3' represents 300, the '4' represents 40, and the '5' represents 5. Each position to the left increases the value by a factor of ten, while each position to the right decreases it. This system allows us to easily read, write, and perform calculations with large numbers by understanding the significance of each digit's place in the overall number.