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?

4 thoughts on “Discussion Board 5.1”

  1. 1. Video 5.1 discusses the means of production and labor as key concepts. The means of production refer to the tools, factories, land, and investment capital used to produce wealth. For example, a factory with machinery and raw materials used to produce cars is an example of the means of production. Labor, on the other hand, refers to the human effort used in the production process. An example of labor would be the workers in the factory who operate the machinery and assemble the cars.

    2. According to Marx, value is determined by the amount of socially necessary labor time required to produce a commodity. What gives “value” to value is the labor invested in producing it. In essence, something is valuable because it requires human labor to create.

    3. Labor and value are intrinsically connected in Marx’s theory. The value of a product is directly proportional to the amount of labor required to produce it. The more labor (time and effort) it takes to produce something, the higher its value.

    4. The difference between labor and labor power is a key concept in Marx’s theory. Labor refers to the actual work done by workers, while labor power is the capacity or ability of workers to perform work. Workers sell their labor power to capitalists in exchange for wages. The key difference is that labor power is a potential, while labor is the actualization of that potential.

    5. Surplus value is the difference between the value produced by labor and the wages paid to labor. It is important because it represents the profit that capitalists extract from workers’ labor. For example, if a worker produces goods worth $100 in a day but is only paid $50, the surplus value is $50. This surplus value is crucial in understanding the exploitation inherent in capitalist production.

  2. 1.video 5.1 shows that production and labor are the main source of wealth in this situation.production is the key tool for example factories,machines,and materials needed to produce something. On the other hand, labor is the only thing that can increase the value of a product because that is the work that is being put into creating the product. For example, in a makeup factory the labor is the cosmetic scientist and the means of production are the sources you need to create the makeup.

    2.What makes something valuable is the amount of labor that is being put into a product .Marx emphasizes that a product value is measured by how much labor it takes to produce a product under normal circumstances .The more labor it takes the higher the value.

    3.According to marx theory the value is distributed according to the labor (time and effort).Labor and value are related because you get value from labor .The more effort it takes to produce a product the higher the value.

    4.The difference between labor and labor is the key concept in Marx theory .Labor power is simply the capacity a person has to work as it’s mentioned on video 5.1 marx explains that labor power is the hours a worker puts for themselve . Meanwhile labor refers to the physical work that a worker has done .

    5.surplus value is privately owned by the capitalist(your boss) . surplus value is the main evidence that capitalism is exploitative towards the workers . workers don’t get the full value for their labor because workers basically get 50%.Surplus value is what your boss get for the product he sold from your labor.

  3. 1. Video 5.1 highlights fundamental issues such as productions methods and labor. The components of production includes land, tools, factories and investment capital utilized to create fortune. For example a shoe factory, the means of production would include the factory building, the sewing machines, and the raw materials like leather and rubber used to create the shoes. Labor refers to the effort that people put into with their mental and physical to product the goods and service. The means of production and labor are critical components in any economic system, influencing how products are created and who controls the process.
    2. Marx emphasize that value can be defined as a significance or worth that society gives to products and services based on many different kinds of criteria. Value is a social construct that varies across circumstances and cultures. Something has a high value equals to the more labor.
    3. Based on Marx theory labor and value are linked with labor serving an important role in producing value while also being affected by economic conditions and society perspectives. Understanding this connection helps explain how economic systems work and consequences for social class and inequality.
    4. The difference between labor and labor power is an important concept in labor economics and Marxist theory. Labor refers to the physical work that was completed while labor power is the ability or power to do the job at hand. Realizing this difference is essential to understanding labor markets, wage changes, and the larger consequences for economic systems and social class structures.
    5. Surplus value is the excess of value produced by the labor of workers over the wages they are paid. Surplus value is an important a sense in understanding economic mistreatment, social class dynamics, and income inequality. It emphasizes the underlying antagonism between labour and capital, which is critical for understanding the structures and interactions that define society.

  4. 2.Value is the amount of labor that is being put into a product like how many hours you work making that product. Something that costs more has more value because the more labor work you put into that product. Value-social construct that varies across circumstances & cultures.
    3.Labor and value are related because the more labor you put in a product the higher the value of the product is. (Time and effort)
    4.Labor power according to Marx is when you go to work you rent out your labor power for the day. Meaning like you now are working for yourself and for someone else. So say you are working on a product and it takes you 4 hours to do it and you work 9-5 the rest of the hours you have left you are now working for someone and what you make how gose to them. Marx said “ You are alway being paid less than what your labor is actually worth.” Labor power owned by the capacity. Labor is the physical act of work.
    5.Surplus value is privately owned by the capitalist(someone you work for). Workers don’t get the full value for their labor work. Surplus value is what the person you work for gets for the product he or she sold from your labor the hours you just stood at work doing nothing because you are done with your work. All that labor hours gose to your boss.

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