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.
As I understand it, the means of production are the tools required to create something new. An example of this would be a digital editing program that is used to transform raw camera footage into a finished video. This is an example of means of production because it allows a user to take their own item (raw camera footage) and transform it into something new. Labor is the act of taking something and transforming it into something else. An example of this would be the act of crocheting yarn into a blanket. The act of crocheting itself is labor that transforms yarn into a new form that has value, in this case a blanket.

2. Another important concept in understanding social class is value. Based on the ideas presented in Video 5.1, what is value? What gives “value” to value, what makes something valuable?
Value is the amount of worth something has. This is not the same as price, which is the amount charged for an item that may or may not be influenced by the value of the item. Labor time gives value to value, as the amount of labor put into something creates value.

3. How are labor and value related? What’s the relationship/connection between the two?
The relationship between value and labor is that the amount of labor put into a product under normal circumstances increases the value of the finished product. The value of a product can be measured in labor time.

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.
Labor is the act of taking something and transforming it into a product, while labor power is how much a person is able to do that labor. This means that labor power is a measure of how much labor a person can complete, while labor itself is an act that a person does.

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?
Surplus value is the excess value generated after a person’s labor produces enough to maintain a day’s worth of work. Usually, this is in the form of profits that go directly to the capitalist who has hired the laborer, either directly or through selling the excess products that the worker has produced. It is important to know about because it is why capitalists are inherently exploiting the working class, as they do not pay the working class equal to what they produce, otherwise, they would not continue to profit. An example of surplus value would be that a factory worker could have their needs met after working 6 hours out of an 8 hour work day, so the final two hours are labor that create extra production for the capitalist. Because it is surplus, it goes to the capitalist directly and is able to be turned into profit for them.