Black is "hot." They transport power from the electrical panel to a lamp, appliance, or other item. There's no NEC requirement that hot wires be black, although home usage prefers black.
Hot red wires. Air conditioners need 240 volts, which requires two hot wires. One hot is black, the other red. Red wires may be switch legs if a gadget needs two.
White and grey are grounded neutrals. The neutral returns power to the panel when a black or red wire powers a light, appliance, or gadget. The procedure loops forever.