- Two key concepts in this video are the means of production and labor. In your comment, explain how you understand the means of production and labor. Give an example of each.
- Another important concept in understanding social class is value. Based on the ideas presented in Video 5.1, what is value? What give “value” to value, what makes something valuable?
- How are labor and value related? What’s the relationship/connection between the two?
- How do you understand the difference between labor and labor power? Hint: this is a key difference, give it your best shot based on what the video says about it, and your own ideas. We’ll clarify and develop it in our discussions, and in my video comments.
- Surplus Value: what is it? Why is it important to know about, in our study of social classes? Think about an example of surplus value?
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1. Two key concepts in this video are the means of production and labor. In your comment, explain how you understand the means of production and labor. Give an example of each.
The means of production refer to the general assets and resources necessary for society to produce. The means of production are privately owned. Labor is the only thing that increases the value of possessions and is the most important commodity in the world. An example is that a factory has the resources and facilities to produce goods, and workers are the labor force that produces goods.
2. Another important concept in understanding social class is value. Based on the ideas presented in Video 5.1, what is value? What give “value” to value, what makes something valuable?
Value is by definition how much labor is required to make something under normal circumstances. Price gives value. If a thing is not processed, the value will remain the same; but if it is processed, its value will increase.
3. How are labor and value related? What’s the relationship/connection between the two?
The value of a commodity is directly proportional to the amount of labor required to produce it. The more labor hours it puts into it, the more valuable it is.
4. How do you understand the difference between labor and labor power? Hint: this is a key difference, give it your best shot based on what the video says about it, and your own ideas. We’ll clarify and develop it in our discussions, and in my video comments.
I think labor refers to the physical act of work itself; and labor force is a person’s work ability, which only exists in people and can only increase their own value. Labor-power is the ability to produce labor and as such its value originates from all the necessities the worker must consume to reproduce that living activity.
5. Surplus Value: what is it? Why is it important to know about, in our study of social classes? Think about an example of surplus value?
The real value workers create exceeds their wages. This profit does not belong to workers, but to capitalists. Therefore, this is a concrete manifestation of the form of capitalist exploitation. For example, if a capitalist employs me for 8 hours today, and I reproduce my wage in 4 hours, then the rate of surplus value is 50%, this surplus value still belongs to the capitalist who employs me.
**Means of production**: These are the tools, machines, buildings, and resources needed to make things. For example, in a bakery, the ovens, mixers, and ingredients are all means of production.
**Labor**: This is the work people do, both with their hands and their minds, to make things or provide services. For instance, in a bakery, labor includes mixing the dough, baking the bread, and serving customers.
**Value**: This is how important or useful something is to people. In simple terms, it’s how much people are willing to pay for something. For example, a loaf of bread might have value because people need it to eat.
**Labor and value**: The more work (labor) that goes into making something, the more valuable it usually is. So, if it takes a lot of effort to make something, like a fancy cake, it might be more valuable than something that’s easier to make, like a simple muffin.
**Labor power**: This is like a person’s ability to work. Just like a machine needs fuel to run, people need food, shelter, and other things to be able to work. When people sell their labor power, they’re basically selling their ability to work for a certain amount of money.
**Surplus value**: This is the extra value that workers create when they work, beyond what they get paid in wages. For example, if a worker makes $100 worth of goods in a day but only gets paid $50, the $50 left over is surplus value, which goes to the owner of the business.
Understanding these concepts helps us see how businesses make money by using workers’ labor and how social classes are divided based on who owns the means of production and who sells their labor power.