- Means of Production: It is what efforts or labor put in to produce a good or service. For example, in a factory that produces home appliances there is equipment, tools, etc. Means of Production is what you need to produce a good or service. Labor is the most important factor and it’s what raises the value of a good. An example of Labor are the workers who are in the factory producing the appliances.
2. Value is what the worst is of a good or service. We can determine the value of a good based on its price. For example, we have been conditioned to associate a higher priced item with a higher value. If a pair of shoes has a higher price point then it must be of good value and quality.
3. Labor and value are related based on many things, but one that comes to mind is relationship between the amount of labor hours work by a person and what they are compensated. The value of the good or service is paid for at a higher rate than the rate of the labor of the person who produced the good or service.
4. I think labor is a workers physical efforts to produce a good or service, it’s the manual labor they apply anytime they are producing a good or service. Labor Power, on the other hand, is a workers ability to get the job done in order to produce the good or service. If you work for someone else and their company, you are giving up your labor power in exchange for a pay check. This is someone who has a 9 to 5, they clock in and clock out.
5. Surplus value is the value that is produced by workers over what they are compensated. In a capitalist society the worker is not compensated adequately based on the good or service that is being produced. If workers were compensated adequately then businesses and business owners may not make a profit.
