- The means of production is the things, which are privately owned, used to create something by humans. Labor is the effort a worker puts in to create something. An example of this is a cafe worker making a coffee. The means of production are the coffee machines and the labor is the worker preparing the coffee, pouring it into the cup and giving it to the customer.
- Value is how much something is worth. Labor is what gives “value” to value. The labor time under normal circumstances is what determines the value of something. The longer a worker has to put effort to something under normal conditions, the more valuable it is.
- As the labor time under normal conditions increases, the value of what is created through the labor increases. As the labor time decreases. the value of it also decreases.
- Labor is the actual physical process of doing work in order to create something. Labor power is being able to work well, given that you are able to sustain yourself well enough through basic necessities like food, water, etc.
- Surplus value is the extra value created by a worker through labor, which is kept by the boss. It is important to know about because it shows how the owning class is able to stay rich while the workers have to keep working in order to make a living, because the boss keeps most of it. For example, a cook makes food and the restaurant makes $400 from him. He only gets $120 for the day.
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Hi Steven!
I agree with your explanation of surplus value, especially the example with the cook. It makes the concept easier to understand because it shows how the value created through someone’s work can be greater than what they actually receive in wages. I also think this connects well to social class because it helps explain why workers and owners can benefit differently from the same labor.