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.
Understanding the means of production and labor is the means of production are producing products and means of labor is putting work and effect into products, as Marx had put it “All those things with the aid of which man acts upon the subject of his labor, and transforms it.” An example of means of production and means of labor are machinery and tools such as construction and factories.
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?
Value is how much labor it takes to make something under normal circumstances. What gives “value” to value is the work put into creating products. What makes something valuable is the quantity and time taken to create products.
How are labor and value related? What’s the relationship/connection between the two?
Labor and value are related and both have a connection as with labor comes value. Putting hard work and time into creating a product, builds up the value in the product. The less being done, the less value there is.
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.
Understanding the difference between labor and labor power is labor power is measured in time; hours and minutes and labor is the physical work of an individual making products. The more labor times it takes to make something under normal conditions, the more valuable it is.
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 represents unpaid labor, as capitalist profit from their workers, in which they will seek to maximize it’s growth. The number of hours of necessary labor is practically invariable at any given time. I think it is important to know about surplus value in our study of social classes because it gives more knowledge on captalism and the differences between labor and capitalism. An example of surplus value would be for example, if I were to own a fruit factory. My workers create boxes of fruit in which they are sold $150 each. I have to make profit off of the fruit being sold, in which I pay my worker 75, in which i make $75 in profit from the sell.