a privilege you give to someone based upon the quality of that person's unique interactions with you.
Respect is earned. Elders just have had more time to earn it. Younger people may also earn respect from older people.
Some respect sound judgement, some strength or power. Some respect altruism, some purposefulness. Parents and teachers may provide initial guidance but what you respect in a person is ultimately your privilege.
I respect him for his sound judgement in difficult situations.