Value refers to the importance or worth of something, often measured in terms of benefits it provides or the resources required to obtain it. In economics, value can be determined by factors such as supply and demand, where the price of goods and services reflects their perceived worth in the market. In a broader context, value can also relate to personal beliefs and principles, guiding individuals in their decisions and actions. For example, honesty, integrity, and compassion are often considered core values that shape a person's character and influence their relationships with others.