"Values" are ideas about what things are more important that others. They are necessary in order for people to be able to make decisions. If you are offered two jobs, one which pays more and another which has regular hours which will allow you time to be with your family, which one you accept will depend on your values: whether money or family time is more important. "Moral convictions" are opinions on whether things are right or wrong. For example, some people feel that a ten-year old working in a job for money is wrong, but this is rooted in deeper moral convictions about the right and wrong way to treat children.
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