What term describes what individuals value in their lives?

The term that describes what individuals value in their lives is "values." Values encompass the beliefs and ideals that guide a person's behavior and decision-making. They reflect what is important to someone, such as honesty, respect, loyalty, and compassion. Values serve as a framework for individuals to judge right from wrong and help determine their priorities and actions in different situations.

In contrast, ethics and morals relate to principles of right and wrong behavior, yet they are more about the standards that govern actions and decisions in a collective societal context. Principles can be viewed as foundational truths or rules that guide one's conduct but do not specifically encapsulate personal beliefs or worth. Values are more personal and subjective, allowing them to more accurately define what each individual holds dear in their own life.