Culturally speaking; how is value determined? Values are something that is agreed by society as “right”. It is an inner quality that you possess, which has to be morally correct and validated as a good principle worth having. Economically speaking, value is the price of goods and services. Ethically speaking, value is a property of an item or action and its importance. This way, value is defined differently by different sectors. To gain a better insight on what your peers think of value, read on!