1. Understanding the Means of Production and Labor

When I think of the means of production, I consider them as tools, resources, and commodities for creating something, whether it is tangible or intangible. In other words, the instruments in the handicraft sense that would be used, for instance, in making a video, the camera, the microphone, and the editing software used during the video preparation, are the means of production. On the other hand, labor or work is an effort that I would invest to make the output of these tools. Hence, I apply effort when shooting, enhancing, or uploading the video. Without my work, the tools or means of production are just lying idle-they require me or any other worker to apply effort and add value through labor.

2. What is Value?

 As defined by Marxist theory, value is created through labor. According to (Philosophy Tube, 2016), value is considered when labor is added to an object, and the product’s value is enhanced. A piece of wood is simply a wooden log until a laborer processes it into a chair; it becomes precious. According to this theory, the value of an article is measured by the sum of the labor time spent on creating it under average circumstances, or the more time-consuming and skilled the labor used to produce the particular product, the more valuable the product. This is the basis of Marx’s Labor Theory of Value.

3. How are Labor and Value Related?

 Labor positively correlates with values, most of which are earned through labor. As the video depicts, when labor is not being input into raw material, it will be as it is. However, where physical effort is directed towards a change in substance (for example, transforming a log into a chair), it obtains some value due to the time and energy applied. Hence, from this perspective,value may be described as the effort used in producing a given good.

4. Difference Between Labor and Labor Power

From my point of view, the relation between labor and labor power is that labor implies the work done or an action made to create an object or offer a service. Labor power is defined as my ability or capability to work; it is what I bring forth to an employer whenever we bargain on my employment. The labor power I actively offer for sale in employment relationships differs from the labor I do upon being hired. The difference here is that labor power is the capacity to work, whereas labor is the action of working.

5. Surplus Value

Surplus value refers to the extra value or profits that I create through labor but which undergoes appropriation by the capitalist (Jalee, n.d.). For instance, if I was paid for 8 hours of work, what I made in value is more than what I paid for in the 8 hours, then the extra value belongs to the capitalist. This is the core of Marx’s view of capitalist society because it shows that workers are cheated – as they add value more than they are paid, the balance constitutes the capitalist.

discussion board 5.1

1. The mean of production is things we need to use in order to create something that will help our economy grow. For example we need farms in order to make produce but we need to have seeds in order to grow produce. Labor is the work done by people to create something, for example physically baking for a bakery shop for 8 hours.
2. I believe values is when you put all your time and effort into the work you, or when a product is always sold out so the value in it rises.
3. Labor and value is related because the amount of time and work you put into something creates value, and value comes from the goods and services from labor.
4. The differences is that labor is when work is being physically performed by someone while labor power is what a worker has to offer in order to receive their wage.
5. surplus value is when a worker over works themselves and go above and beyond for a small amount of wage. I think surplus values is important because it points out the different social classes.

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 way that I understand each word is that the means of production is everything that is needed in order to create a product (For example, in order to create a Mcdonalds Big Mac sandwich, you need 3 Sesame Seed buns, 2 burger patties, lettuce, Mcdonald’s special sauce and a Mcdonalds grill). Labor is the work that is put into something to transform it into a product, which in turn increases its value (For example, having 3 sesame seeds buns, 2 burger patties, lettuce, and sauce are all things separately that don’t have too much value, but putting in the labor to transform those ingredients into a Mcdonalds Big Mac gives that product a lot more value than the individual ingredients). On top of this, labor is measured in time and the more labor time it takes to make something, the more valuable it is. 

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 how much labor it takes to make something under normal circumstances. The thing that “value” to value is time. 

3. How are labor and value related? What’s the relationship/connection between the two? Labor and value are related in the fact that the labor put into something is what gives a product its value. On top of that, the more time it takes to make a product under normal conditions, more labor it takes to make (as well as the product being more expensive to make) and the more valuable the product becomes. Without labor, things become less valuable (for example, planks of wood are less valuable than a bed that someone put the labor into making with those planks of wood). 

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. The way that I understand labor and labor power is that labor is the work itself that people put into things to transform them into products, while labor power is people’s ability to work. An example of labor would be a construction worker turning a pile of hundreds of bricks into a wall for a house. An example of labor power would be that same construction worker only being able to do that labor for his job from 11AM to 6PM so long as his construction job provides him with enough of a salary to sustain his needs. 

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 value on top of the value that it took to get you there. It is essentially the profit that is made by the company from the products that are made from workers via their labor. It is important to know about surplus value in our study of social classes because of the fact that this is the main goal of people who own wealth, to gain surplus value from their workers and make profits in order to keep them wealthy. It is the main crux of the reason why workers and wealth owners don’t see eye to eye, because wealth owners desire surplus value in order to keep them wealthy, but because of this, workers end up being paid less than what their labor is actually worth. For example, say if a Burger King worker ends up making and selling 40 Triple Whoppers in the span of a single day. Let’s say that each Triple whopper, with their ingredients, takes about $5 dollars to make and is sold for $11.19. This means that the worker essentially made about $259.6 dollars worth of profit for the company for making that item 40 times within the span of one day and yet he’s only working for $15 dollars per hour, which only gets him $120 for that entire day. Since none of the money that he made from making those triple whoppers goes to him, he ended up making a surplus value for his company that is worth more than he earns in a single day. 

1. Means of Production refers to the facilities, tools, and capital equipment necessary for the production of goods. An example is a factory where machines are used to manufacture cars. Labor is the human effort either physical or mental, that is used in the production process. In this case, workers in a factory assembling cars.
2.  As seen in the video, value in economic terms generally refers to the worth of a good or service. It is determined by the amount of necessary labor time spent in its production. What gives value to something, making it valuable, is essentially the labor that goes into producing it.
3. Labor and value are directly related in that labor is what creates value. The value of a product is fundamentally based on the amount of labor that is required to produce it.
4. Labor is the actual work that employees do whereas labor power is something else entirely. Labor Power refers to a worker’s capacity or ability to perform work and is considered a commodity that workers sell to capitalists, who in turn use it to generate products and profits. Labor power is what the worker sells in return of wages, not the labor itself.
5. The difference between the value created by labor and the salary of the employee is known as surplus value. It is an important idea to understand social classes and capitalist profit since it represents the value that employers gain from their employees’ labor. The surplus value is $100, for instance, if a worker receives $50 to make goods that sell for $150.

1. Means of production are the tools or products one would need to produce something. For example, an artists means of production include paint, brushes, canvases, easel etc. Labor is measured in time and increases the value of everything. Labour for a painter looks like the act of painting a portrait for example, if the portrait took 5 hours to create, the painter labored for 5 hours.

2. Value is how much labour it takes to make something. A products value is measured by how much labour it takes to produce under normal circumstances.

3. Labor and value go hand in hand. The more labor that was put into producing something, the more valuable that product will be. As labor increases so does value.

4. Labour power is the ability to labour, while labour is the act of production, Labour is measured in time.

5. Surplus value is the idea that the worker is performing labor beyond what is needed to cover their wages. For example, If someone works in a restaurant and they make $90 a day, and they prepare and sell $300 worth of food along with other duties, the company then pays them their $90 and is able to keep the rest as surplus value.

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.
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? 
3. How are labor and value related? What’s the relationship/connection between the two?
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.
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?