This issue is quite complex but I'll simplify it a bit, ignore 'extra' channels used for transparency (alpha), and ignore colour spaces with 4 or more channels (CMYK etc).

A 24-bit monitor uses 8 bits per channel, the channels being Red Green and Blue (RGB). 8 bits (a bit being either 1 or 0, i.e. one of two possible values) gives 2 to the power of 8 possible values (2x2x2x2x2x2x2x2) = 256. In other words, 256 possible shades of Red, 256 possible shades of Green, 256 possible shades of Blue.

That means there are 256x256x256 possible combinations: 16,777,216, i.e 16.7 million colours.

The average human can distinguish in the region of 10 million different colours; I have about  25 years of colour science / colour analysis experience and when I was a bit younger I could maybe add another one or two million to that.

16 million + possible colours is enough for anyone.

"what are the names of all those colors?"

They don't have names, they have values. e.g. pure white = 255R, 255G, 255B; pure black = 0R, 0G, 0B.

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