“Sensitivity control” A control labeled “sensitivity”. It actually controls either gain or threshold, or a combination of both, depending on the machine. If both, the higher settings vary threshold and the lower settings vary gain.
“[Audio] threshold control” Determines the signal strength level corresponding to the threshold of audibility. A negative threshold setting is used to suppress signals by a fixed amount so that only signals stronger than that amount will be heard. Negative threshold settings are used to silence internal “circuit noise” and electrical interference. Machines which have no threshold control have an internal threshold which allows silent operation, or a control labeled “sensitivity” which actually controls threshold. …..Some models allow positive threshold settings. In most cases the positive range controls the loudness of a minimum detectable signal, a separate internal threshold determining what will or will not be detected.
“Gain control” This makes signals bigger or smaller. High gain settings make signals bigger, and therefore signals which were originally weaker can more easily exceed the audio threshold, and be heard. If the gain setting is too high, electrical interference or internal circuit noise may cause constant audio chatter. ….Lower gain settings reduce the size of signals, so that relatively weak unwanted signals (electrical interference, deep iron fragments, aluminum foil shreds, etc.) can be silenced.
Source is Dave Johnson, First Texas Products.
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Mike