Truth values are a fundamental concept in logic and mathematics that indicate whether a statement is true or false. Each statement can be assigned one of two truth values: true or false. For example, the statement "The sky is blue" can be evaluated as true on a clear day, while "2 + 2 = 5" is false. In formal logic, truth values help in constructing logical expressions and determining the validity of arguments. They are essential in fields like computer science, where programming languages use truth values to control the flow of operations through conditions and loops.