Values are the things that we regard as important in our lives – things that we regard as good, as beneficial for us and others.
For example, some people hold their family in high regard. It is very important for them to invest attention and time on their family relationships. And there are people who value punctuality – it’s important for them to always arrive on time for meetings.
Most values belong to two categories: needs and positive qualities.
A need is an innate psychological source of motivation. Needs are universal – all people have them, in various degrees. For example, the need for freedom is stronger for some people than the need for safety, hence they value satisfying the former more than they value the latter, whereas for other people it’s the reverse. Read more here.
A positive quality is a personality trait that contributes to the wellbeing of the person as well as other. Some qualities are highly valued by all cultures. E.g. all cultures value diligence, wisdom, and courage, whereas no culture values laziness, stupidity, or cowardice. (See: Character Strengths and Virtues). Although people are born with the potential to exhibit positive qualities, proper guidance and practice are necessary to be able to develop this potential and to consistently exhibit these traits. Read more here.
See also: Value Theory.