Question about Google site: search

When you run a site:mysite.com search on google does the order in which each page is returned reflect the overall authority that google is giving to that page in relation to the others?

I have a site where the first result is my homepage, second is privacy policy, and third is about us. My various content pages then follow. I'm assuming this is an issue but am curious what kind of results others get.

Thanks for your help!