Final answer:
Values are principles that influence actions and decisions, indicating what is considered good, just, or important. They underpin judgments about well-being and moral significance, often shaped by theories such as hedonism in philosophical discussions.
Step-by-step explanation:
The values that seek to identify a meaning or purpose that creates a positive impact on others are those that form the basis of ethical principles and societal norms. Values guide our decisions and actions, indicating what we perceive as good, just, or important in life. For instance, if one chooses to read Ralph Ellison's 'Invisible Man' because of its acclaimed status as a great American novel or to gain insight into anti-Black racism in the United States, this decision is underpinned by value judgments about the importance of understanding racial injustice and the intrinsic worth of high-quality literature.
Values deeply influence our understanding of well-being, which denotes what is beneficial for an individual as well as what is good in a broader context. The distinction between instrumental value and intrinsic value helps clarify whether we value something as a means to an end or for its own sake, respectively. Moreover, the concept of meaningful work exemplifies an activity that is an end in itself and has moral significance.
Teleological Theories, such as hedonism, suggest that the goodness of an action or value is determined by its consequences, specifically the pleasure or satisfaction it brings. However, the complex and subjective nature of values makes them varied and conditional, spurring debates in ethical philosophy on how to best conceptualize and measure well-being. Philosophers often discuss the objective goods of knowledge, virtue, friendship, and perfection about personal and societal flourishing.