Class conflict, frequently referred to as class warfare or class struggle, is the tension or antagonism which exists in society due to competing socioeconomic interests and desires between people of different classes. The view that the class struggle provides the lever for radical social change for the majority is central to the work of Karl Marx and the anarchist Mikhail Bakunin. However, the discovery of the existence of class struggle is not the product of their theories; their theories can instead be seen as a response to the existence of class struggles.
A personal value is absolute or relative and ethical value, the assumption of which can be the basis for ethical action. A value system is a set of consistent values and measures. A principle value is a foundation upon which other values and measures of integrity are based.
3.subjective theory of value(STV)
The subjective theory of value is a theory of value which advances the idea that the value of a good is not determined by any inherent property of the good, nor by the amount of labor required to produce the good, but instead value is determined by the importance an acting individual places on a good for the achievement of their desired ends. This theory is one of the core concepts of the Austrian School of Economics. While the modern version of this theory was discovered independently and nearly simultaneously by William Stanley Jevons, Léon Walras, and Carl Menger in the late 19th century it had in fact been advanced in the Middle Ages and Renaissance but did not gain widespread acceptance at that time.