In a nutshell, here are the Information Literacy Competency Standards for Higher Education formulated by the Association of College & Research Libraries (ACRL), which is a division of the American Library Association:
The information literate student determines the nature and extent of the information needed.
The information literate student accesses needed information effectively and efficiently.
The information literate student evaluates information and its sources critically and incorporates selected information into his or her knowledge base and value system.
The information literate student, individually or as a member of a group, uses information effectively to accomplish a specific purpose.
The information literate student understands many of the economic, legal, and social issues surrounding the use of information and accesses and uses information ethically and legally.
The complete exposition of the standards are at the ACRL website.
“To truly laugh, you must be able to take your pain and play with it.” – Charlie Chaplin