Discussion Board 5.1

1. Means of production and labor

The means of production are the things that are used to produce goods, such as buildings, machines, tools, raw materials, and other supplies. In the reading, these things are used by the capitalist in the production process. Labor is the actual work done by the worker. For example, a machine in a factory is part of the means of production, while the worker using the machine and doing the work is providing labor.

2. What is value? What makes something valuable?

From the video and reading, I understand value as being connected to the amount of socially necessary labor used to produce a commodity. The reading explains that the value of a commodity is determined by the labor needed to produce it. So, something has value because human labor is used to make it. For example, when workers spend time and effort making clothing, their labor helps create the value of the clothing.

3. How are labor and value related?

Labor and value are related because labor creates value. The reading explains that workers use their labor power in the production process, and their work creates new value. The amount of socially necessary labor needed to produce a commodity helps determine its value. This means that the work people do is an important part of creating value.

4. What is the difference between labor and labor power?

I understand labor power as a person’s ability and capacity to work, while labor is the actual work that the person does. The reading explains that the capitalist buys the worker’s labor power for a wage. For example, a worker has the ability to work for eight hours, which is their labor power. When the worker actually spends those hours working and producing something, that is labor.

5. What is surplus value? Why is it important? Give an example.

Surplus value is the extra value created by workers beyond the value of their wages. The reading explains that workers can create more value during their working day than what is needed to cover the value of their labor power. For example, if a worker creates enough value to cover their daily wage during the first part of the workday, but continues working for the rest of the day, the additional work can create surplus value for the capitalist. I think this is important because it helps explain the relationship between workers and capitalists and how profits are created from workers’ labor.