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
Means of production refers to resources and machinery needed for something to be made as well as building or land.
Labor on the other hand is what humans add to the mix, often being on hand labor to produce the goods from the means of production.
A good example is Mc Donald’s, the owners of McDonald provide the means of production like fryers cashier tables and chairs and then workers provide labor by making food for the customers.
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?
To have something valuable you must make it valuable like his example of the block of wood. If you have a block of wood and you do nothing with it then it’s just a block of wood with no significant value but by turning it into a chair the value goes up.
3. How are labor and value related? What’s the relationship/connection between the two?
Using the example of McDonald’s workers create the labor like making a burger, but before the burger is done, it is simply bread and raw meat in the freezer while both of them have value in it of itself, combining them into a burger by the labor of workers it’s value goes up. Time is money, so labor = time. The more time something takes the more valuable it is unless you are just lazy and take forever to make something that would otherwise take less time.
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.
Labor power is the laborers ability to produce something. Or the laborers abilities in general that contributes to production.
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 is the amount the owners make after expenses
For example, if an employee at subway makes $90 a day that same day that employe has to make a profit for the owners to justify their $90 a day. A worker that makes the owner $300 a day means that the owner keeps $210 profit after paying the worker his or her “fair” wage of $90.
