Values can be viewed from the standpoint of their importance. All values are experiences of different degrees of importance in the development of individuality. So we classify values on the basis of importance these values have.
An intrinsic value is one which has worth in its own right. It is an End-in-itself. Truth, Beauty, Goodness, Temperance, Courage etc. are considered as intrinsic values. They are good not because of their consequences but because they are good in themselves. These values retain even if they were to exist completely alone. Intrinsic values are said to be Absolute values.
An Extrinsic value is one which is a means to some other value. It is of instrumental worth only. A pair of spectacles is good only if there are eyes behind spectacles to see through them. The spectacles have instrumental value. Extrinsic or Instrumental values are the part of larger whole. They are means to an End. Wealth, fame, physical fitness, etc. borrow their worth from something extraneous to them.
The terms Extrinsic and Intrinsic are used relatively. They are not always mutually exclusive or fixed. What is valued by one person for its own sake may be valued by another person as a means to an End. eg, a design of washing machine.
Values can be graded as Positive Values and Negative Values, Productive Values and Unproductive values; Permanent values and Transient values.
In general, Intrinsic values are rated higher than Extrinsic values. Positive values are preferred to Negative values.
The locus of values is human mind. It is a special sort of reaction to the environment. Human mind has three psychical functions (aspects) — thinking, feeling and willing. The values corresponding to these functions are Intellectual values (Truth), Aesthetic values (Beauty) and Moral values (Goodness). Truth, Beauty and Good are Universal values.