Treating people in a positive manner that acknowledges them for who they are and/or what they are doing. Being treated or treating an individual in a dignified manner.
Respect is earned and is never just given. BUT, you must give respect to receive respect. Meaning when you interact with an individual you treat them with dignity and in a respectful manner as this shows your character as a person. And the respect will be reciprocated. You must always behave in a respectful manner as this reflects on you, your character, integrity and values of who you are as a person.

No one owes you respect until you have earned it, so there is no such thing as I will give it after they give it to me first. That attitude is a disrespectful action to anyone you interact with as it insinuates that you do not trust them to act accordingly, and implies that they "owe" you respect before you will give it. That will cause people to LOSE respect for you or never gain it in the first place. When you first meet someone, everyone is given the benefit of the doubt that they are a respectable individual. Questioning their integrity(respect) before you have even met them and "expecting" respect to be given without giving it yourself is insulting and condescending to that person and is judging them in a negative light when you know absolutely nothing about them.

Thus,
To get respect, you must give it. So respectful behavior should just be part of how you act as a person 100% of the time.

n. An erection formed out of an immense respect for someone or something.

Expecting a level of respect from any friend or colleague, especially when the same level of respect is expected from you.

It is a word that is used to make the second list correspond to the first list made in a sentence.

You will know by looking at this example:

"Let's buy a CPU, a memory chip, and a motherboard because on the magazine, the reduced prices are 35, 45, and 60 dollars respectively."

You can see that by putting the word Respectively, the reader now knows that the CPU costs 35 dollars since the two are both introduced in the first slot of the list.

It's when a man respects another man so much, that he gets an erection.

It means valuing each others points of views. It means being open to being wrong. It means accepting people as they are. It means not dumping on someone because you're having a bad day. It means being polite and kind always, because being kind to people is not negotiable. It means not dissing people because they're different to you. It means not gossiping about people or spreading lies.

A quality seriously lacking in today's society

A word describing the mutual relations between two people. This is something that needs to be cultivated on a person-to-person basis; a mutual relation cultivated through continuous fair and equitable exchanges of kind and politeful interactions, as well as having an understanding and consideration for each other as having the same basic human dignity. This cannot be obtained simply through age, status, experience, knowledge; it must be mutually crafted.

To treat people in the manner in which you expect to be treated. To show consideration for another person's feelings and interests. An attitude demonstrating that you value another person. You should treat your friends with respect.