Yes, I gather it depends on the country, so check your localization to be certain. But in Spain, you would use Usted in a similar context that you would use "Mr. Smith" instead of a first name, or would add a "Sir" or "Ma'am" in English. So; formal or professional settings, older people, and anywhere respect is due or should be implied. Anyone you're not on a first name basis with basically. So, as a child in school we used Usted with all of our teachers, and likewise I would with my in-laws until given permission to do otherwise. But, I would also use it when dealing with a customer, for instance, regardless of age or position.