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.
Respect is used in situations where a person wants others (or sometimes themself) to believe they have a high opinion of someone.
People respect their loved ones as people they have strong feelings for could use their feelings to hurt them. People respect those with authority over them as they are afraid of that authority being used against them.
To respect is one way of defining the feelings and behaviour caused by the pecking order in society: People respect their betters as they dont want to admit their own failings or are afraid that if they express their dislike for those better than them it would be seen as a challenge.
2) An attempt to gain the favor of others by showing empathy or understanding of other peoples views and feelings - commonly used in arguments to portray a superior knowledge of the issue in question.
I respect myself (It's better than saying I hate myself)
Give me some respect (Fear what I can do to you)
2) I respect your opinion (But mines still right)