I'd go as far as to simply say: value is derived from utility. Why differentiante between intrinsic and extrinsic?
Discussion
value is derived personally by the utility it provides and the need of the person.
a tent-house in africa has no intrinsic value to me for example, but it will to someone that needs it.
intrinsic value does not exist.
Literally using your own logic since everybody needs food and water, then those things have intrinsic value.
Intrinsic value means the value is inherent to the thing itself, and not simply the subjectivity of everyone around it… art therefore has extrinsic value since it’s dependent on the cultural context of the people who are evaluating it, but food has intrinsic value because it has utility value for everyone
If you wanna go ahead and live without those things, feel free, but you’re gonna die my friend
lets say I have eaten to my geart's content and so is everybody at the buffet. if you try to sell those people food it will most likely not be successful since all the food there is "free". But it will be a different case for the same people later that night when they are all hungry again.
it is subjective, depending on the person looking at it at a certain time and place and on the conditions of the situation.
think of super spicy mexican/indian food, some people in certain locations cannot eat it or exchange it for anything else, but it would make the mexican/indian very hapy to have it.
and to beat a dead horse, in my current state I will consider it offensive to be gifted the stinky clothes of a homeless man, but to him are life and dead.
anyway sorry for the long post, i am not very elocuent nor conscise.