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Definition: Values are broad preferences concerning appropriate courses of action or outcomes.
As such, values reflect a person’s or group's or country's sense of right and wrong or what “ought” to be.
They are a powerful driver of human behavior, decision making, motivation, etc., and are a key component of organizational cultures and mission statements.
Values can be considered absolute (independent of individual and cultural views, as well as independent of whether it is known or apprehended or not) or relative (differing between people, and on a larger scale, between people of different cultures).
The study of ethical value is included in value theory.