- Means of production are basically the tools and materials used to create a product. Labor is high-skill or low-skill work put forth to create a product. For example, if I wanted to perform the labor of creating a website, my means of production would include web development skills, domain name, and of course core content for my audience.
2. According to the video, I understand value being dependent on how much labor and time it took to create the product. For example, I could have a choice between purchasing a $40 pair of shoes or a $400 pair of shoes. The difference in value may include how long it takes to make the shoes, quality of materials, whether a skilled person made them or a machine did most of the work. Also, with selling services, value could be determined based how long it would take to do under normal circumstances. If a service or products takes longer than normal to complete, its value may decrease.
3. Labor and value pretty much support one another. Labor will determine a product or service’s value. Value may convey how much labor was put in to produce the product. If someone tells me their leather wallet cost $150 I would wonder why it cost so much. After they explain that it’s handmade with genuine leather, the pricing would be justified.
4. Based on the video, the difference between labor and labor power is that aside from actually performing the work (labor), you would need the ability to perform the work (labor power). These could include your cognitive state, physical abilities, overall wellness to be able to accurately do the work. Labor power only pertains to humans. This is because in order for us to produce to the best of our ability, we require food, proper housing, and comfortable, clean clothes. Labor is performing the task, labor power makes us able to successfully perform the task.
5. Surplus Value could be described as the profit that is made by the laborer but it kept by private owner who employs the laborer. Even if the laborer did the work they will not directly compensated from each monetary transaction they make. For example a restaurant cashier may get paid a flat rate of $11/hour. That one cashier may ring up $1,500 in transactions in one day but only be compensated $88 (pre-tax) due their flat-rate wage. The amount the worker is being paid is grossly disproportionate to the profits being made by the company. This is important to know because it speaks to the greed of capitalism that most people may not be aware of.
