1. Values are the culturally defined standards held by human individuals or groups about what is desirable, proper, beautiful, good or bad that serve as broad guidelines for social life (Elwell). They are the beliefs that guide actions and judgements beyond immediate goals to more ultimate end states of existence (Major). Values are general statements that specific behaviors are socially preferable to other alternatives, e.g. the Protestant work ethic, Materialism, Individualism. Values provide a ranking system for behaviors.
2. Norms are the rules and expectations of conduct which either prescribe a given type of behavior or forbid it (Elwell). They are guidelines for action, standards of behavior, social rules (Major). For instance, wearing clothes in public, obeying traffic signals are norms (Sociology). In case of a street accident, you would expect the medic to attend to the patient, and the police to direct the traffic - these are norms of behavior. Real norms are those which are actually practiced while ideal norms are those which ought to be practiced. Society uses norms as a way of keeping order
3. Sanctions are rewards for conformity or punishments for nonconformity that reinforce socially approved forms of behavior (Elwell). Society uses sanctions to enforce norms and protect society from chaos (Sociology). Sanctions can be physical or psychological. Positive psychological sanctions are such things as ribbons, medals, awards. Negative psychological sanctions are the denial of recognition, insults and rejection. Formal sanctions are rewards or punishments used to enforce the laws of societies, institutions or organizations, and are carried out by some regulatory body. A physical reward could be a monetary prize or a trip, whereas a psychological reward could be a medal. A physical punishment could be imprisonment, and a psychological punishment could be the effects of avoidance or gossip. Informal sa...