What standard underpins a value judgement?

A value judgment is fundamentally based on criteria of evaluation, which serve as the benchmarks against which values are measured and assessed. These criteria help determine what is considered valuable or important within a particular context. For instance, when evaluating a social policy, one might use criteria such as fairness, justice, or the well-being of the community.

In contrast, consensus among peers and majority opinion pertain to collective viewpoints or beliefs rather than the individual standards used for making a value judgment. Additionally, the price of a product reflects a market assessment but does not relate to intrinsic values or ethical considerations that are central to value judgments. Therefore, the criteria of evaluation provide the necessary framework for making informed and reasoned evaluations, which is why this is the correct answer.