Media literacy is the ability to access, analyze, evaluate, create and act using all forms of communication. A media literate person can think critically about what they see, hear, and read in books, newspapers, magazines, television, radio, movies, music, advertising, the Internet, and new emerging technology. An essential life skill that empowers you to be both a critical thinker and an effective communicator.
Similar terms referring to information that is false. They are not interchangeable!
Misinformation: False or inaccurate information, especially that which is deliberately intended to deceive. [information you thought was true]
Disinformation: False information which is intended to mislead, especially propaganda issued by a government organization to a rival power or the media. [information you knew wasn't true]
Source: Oxford Dictionaries
Fake news itself comes in a variety of flavors:
Pure fake news sites use fabricated stories to lure traffic, encourage clicks (click bait), influence or profit using intentionally deceptive, but highly intriguing, often sensational information.
Hoax sites also share false information with the intention to trick readers/viewers
Satirical sites present news with a comical, often exaggerated spin
Born digital images and edited images alter and often misrepresent visual reality
Source: School Library Journal