[foxrob92]

There's multiple theories of value.

Labour theory of value contends that the value of an object depends on the "congealed human labour" in that object (e.g. a chair is worth more than its constituent timber because the chair requires you exert additional labour on that timber).

Intrinsic theory of value says that some objects have some objective value, inherent in the object (or as a property of that object, like mass).

Subjective theory of value basically says "value is in the eye of the beholder".

There is also exchange theory of value, which is similar to subjective value. An object has a value decided by what it can be exchanged with (e.g. 2 square metres of linen might be worth the same as 1 coat, even though the coat only has 1 square metre of linen in it)