As was noted in Section 1 (p. 1.3:55), the term "value," like many other English nouns, technically may refer either to (1) an attribute or (2) an entity or condition. This double meaning is applicable both to objective value and subjective (praxeological) value. We may say, for example, either that the tree house is a subjective value to Crusoe, or alternatively that it has subjective value for him:

• When we say that the tree house is a subjective value to Crusoe, the word "value" refers directly to the entity that is an end of Crusoe's action—i. e., the tree house itself.

• When we say that the tree house has subjective value to him, the word "value" refers to an attribute of the relationship between the tree house and Crusoe. The tree house, it will be noted, might not have value to another individual; that is, the value of the tree house is not an intrinsic attribute of the tree house.

More commonly in praxeology, the valued things or conditions are called "goods" (a terminology borrowed from economics), while the term "value" is usually reserved for the attribute. Thus we may describe the tree house as a good having subjective value for Crusoe.

The value of the tree house derives from its service to Crusoe's subjective purposes. Consequently, as we shall observe later, it is not necessary to make a sharp distinction between goods and services in praxeological analysis.