Value
The word 'value' is used in two senses: (i) value in use and (ii) value in exchange.
Value in use (or use value) means want satisfying capacity or usefulness of the commodity. In fact, this is another name of utility. The use value of a commodity can partly be contributed by nature and remaining by the human factor. For example, the use value of a car is partly contributed by natural resources such as steel, rubber, etc. and partly by human labour.
Value in exchange (or the exchange value of a commodity) implies its exchange value in terms of other commodities.
Price
Ordinarily, the terms 'value' and 'price' are used interchangeably. But in economics, the term price has a different meaning. Price is value expressed in terms of money. Value is expressed in terms of other goods. If one pen is equal to two pencils and one pen is for ₹ 10, then the price of one pen is ₹ 10 and value of one pen will be two pencils.
Value is a relative concept in comparison to the concept of price. There can be a general rise or fall in prices of different commodities, but value of all commodities cannot increase or decrease simultaneously.