Axiology is the philosophical study of value. It examines ethics, which investigates concepts of right and wrong conduct, and aesthetics, which studies beauty and harmony. There are two main types of ethical theories: consequentialism, where right and wrong are determined by consequences, and deontology, where motivation determines morality regardless of consequences. Axiology also examines different types of values like material values relating to necessities and spiritual values involving truth, goodness, and beauty. It provides an objective framework for measuring intangible attitudes and values.