How can a selection based on color be created in Photoshop?

Creating a selection based on color can be effectively achieved with the Color Range tool. This tool enables users to select areas of an image based on the colors present in that image. When you use the Color Range tool, you can click on a specific color in the image, adjust the Fuzziness slider to include a range of colors within a specified tolerance, and make selections that encompass not just a single color but also variations of that color. This functionality is particularly useful for isolating specific hues in complex images with assorted colors.

The other tools mentioned have different primary functions. The Magic Wand tool allows for quick selections based on color, but it is generally limited to contiguous areas unless adjusted appropriately; it doesn't offer the same nuanced selection capabilities as the Color Range tool. The Lasso tool requires manual selection by tracing around an object, which is less precise when trying to isolate colors. The Brush tool is used for painting and editing rather than selecting; it does not provide a mechanism for creating selections based on color. Thus, for precise selections based on color, the Color Range tool is the preferred method.