Exposure: The Zone System

Cameras use a device called a 'lightmeter'(which is in-built) to measure the lighting in a scene and calculate exposure. They do the latter depending on what "metering mode" you set. Evaluative/Matrix metering checks the whole frame. Centre-weighed metering gives 80% importance to the centre of the frame and 20% importance to the edges. Partial metering measures ~10% of area at the centre while Spot metering measures ~3%. The problem is, the camera will try to expose in such a way that the average of the measured areas has a luminance value of middle grey(18% reflectance). While this is probably the best manufacturers can do for measuring an 'average shot', your exposure gets screwed if you hav a frame full of dark objects or one full of light objects.

Ansel Adams(a very famous photographer in the old film days) developed a system for exposure, which with slight modifications can be applied to digital photography too. Before I explain it, I would like to give you an intuitive idea as to how this system works, from my perspective:
Say I use spot metering on some object which is dark grey. Using exposure compensation, I tell the camera "I see this object like this. I want you to capture it in this very shade, not made it brighter to look like middle grey"

Ansel Adams kept 10 zones in his system (zone 0 to zone 9) with 0 as the darkest and 9, the brightest. The amount of light reflected by each zone is double (1-stop greater) than the previous zone. Zone 5 is middle grey(18% reflectance).

Zone 3 to Zone 7 are of interest to us. Lets place colours into these zones now:

courtesy: photo.tutplus.com

Now to expose correctly, use spot metering over an area of one of the above known zones. Then use exposure compensation as follows:

Zone 3: -2EV

Zone 4: -1EV

Zone 5: 0EV

Zone 6: +1EV

Zone 7: +2EV

Lock the exposure, re-compose and take the picture(Spot metering meters at the centre of the frame). Using back-button focus  and half-click to lock exposure helps here!(For DSLRs only- read your camera manual if you don't know how to do this)

Sometimes the dynamic range of your camera might not be enough for the whole scene. In that case,  meter from something in zone 7(and set+2EV) to preserve highlights or from zone 3(and set -2EV) to preserve shadow detail, depending on what is more important to you in the photo(assuming you are not shooting HDR).

P.S. Zones numbers are written using Roman Numerals. I forgot about that when writing this article and only realized it when I added that picture from another site. Sorry about that, but I'm too lazy to change all the numbers now! :P