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.
I understand the means of production to be the resources and tools that make it possible for products and services to be created. An example of means of production can be the instruments of labor, such as tools or factories, and the subjects of labor, such as natural resources and raw materials.
I understand labor to be the work people do to produce goods and services. An example of labor is work done by a waiter who serves food at a restaurant or a farmer who harvests the fruits and vegetables to be sold.
- 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 labor it takes to produce a product or service under normal circumstances. What gives “value” to value is the labor, quality, rarity, market appeal, and condition of the value.
- How are labor and value related? What’s the relationship/connection between the two?
Labor and value are related because the value of a good derives from the amount of labor necessary to produce it. The economic value of a good or service is determined by the total amount of socially necessary labor required to produce it.
- 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.
The difference between labor and labor power is that labor is the physical act of working, while labor power is the capacity to do work.
- Surplus Value: what is it? Why is it important to know about this in our study of social classes? Think about an example of surplus value.
Surplus value is the overabundance of value produced by the labor of workers over the wages they are paid. It is important to know about surplus value in our study of social classes because it can be viewed as a social relation of productions or as a monetary value of labor, a way to balance power between social classes. An example of surplus value is extra products created while the laborer is working.
