Wiktionary
n. (context technology English) ratio of the luminance of white to that of black of a display. A higher value means a higher contrast of white and black.
Wikipedia
The contrast ratio is a property of a display system, defined as the ratio of the luminance of the brightest color (white) to that of the darkest color (black) that the system is capable of producing. A high contrast ratio is a desired aspect of any display. It has similarities with dynamic range.
There is no official, standardized way to measure contrast ratio for a system or its parts, nor is there a standard for defining "Contrast Ratio" that is accepted by any standards organization so ratings provided by different manufacturers of display devices are not necessarily comparable to each other due to differences in method of measurement, operation, and unstated variables. Manufacturers have traditionally favored measurement methods that isolate the device from the system, whereas other designers have more often taken the effect of the room into account. An ideal room would absorb all the light reflecting from a projection screen or emitted by a CRT, and the only light seen in the room would come from the display device. With such a room, the contrast ratio of the image would be the same as the contrast ratio of the device. Real rooms reflect some of the light back to the displayed image, lowering the contrast ratio seen in the image.
Static contrast ratio is the luminosity ratio comparing the brightest and darkest color the system is capable of producing simultaneously at any instant of time, while dynamic contrast ratio is the luminosity ratio comparing the brightest and darkest color the system is capable of producing over time (while the picture is moving). Moving from a system that displays a static motionless image to a system that displays a dynamic, changing picture slightly complicates the definition of the contrast ratio, due to the need to take into account the extra temporal dimension to the measuring process.