End Effector
Most robotic arms don't come equipped with a tool attached on their wrist, it is the responsibility of the user to add one. The tool is commonly referred to as the end effector since it is the actual functional part of the system, and the robot is only here to move it around. The end effector can be very simple and passive like a clamp holding a pen, or can be equipped with sensors and actuators, actively controlled by the robot. For example a gripper that the robot can use to grab objects by opening or closing it.
The end effector is bolted on the robot on a particular location called the tool flange, often a flat metallic part with a pattern of threaded holes to attach a tool onto.