Did you look up Concern, or concerned with. I almost think "Concerned with " is a phrasal verb. I'd define it as preoccupied with something, or dealing with, or focused on. In your examples: 1. Theoretical values are concerned with the discovery of truth and are characterized by an empirical, intellectual, and rational approach to life. (here it means, deals with or is focused on: 1. Theoretical values deal with / are focused on the discovery of truth and are characterized by an empirical, intellectual, and rational approach to life. 2. Economic values are concerned with the useful and practical. Same as the above.

To be “concerned with” in these two sentences means: to be primarily focused on; to be most interested in.

It is formal. It basically means "about." You may also see "pertain to" or "are characterized by." A simpler form is "deal with." Another common use example is "the books are concerned with..." which means "the books are about..." or "the books deal with."