Values are general guidelines, while norms are specific guidelines. Values are general standards, which decide what is good and what is bad. Norms are rules and expectations that specify how people should and should not behave in various social situations.
In sociology our concern is with social values. Social values are cultural standards that indicate the general good deemed desirable for organised social life. These are assumptions o what is right and important for society. They provide the ultimate meaning and legitimacy for social arrangements and social behaviour. They are the abstract sentiments or ideals. An example of an important social value is, “equality of opportunity”. It is widely considered to be a desirable end in itself.
The importance of such a value in social life can hardly be exaggerated. A social value differs from individual value. An individual value is enjoyed or sought by the individual which a man seeks for himself. Even though these values are commonly shared, they do not become social values. As distinct from individual values, a social value contains a concern for others’ welfare. Social values are organised within the personality of the individuals. They regulate his thinking and behaving.
demands- the relationship between prices and the corresponding quantities of a good or service that buyers are willing to purchase at any given point in time