- The two key concepts are means of production and labor. The means of production refers to be the things being made for the companies and need materials to bring the things together. Labor is where the workers are working and trying to earn their money, in charge of the things to have the things in order. An example will be a factory and the workers are working to keep the business going and sure that the things are good.
2. Value is towards the time and labor that working class spend on commodities. An example, in the video the speaker was saying how there are manufacturing automation will make products for a cheaper price. There will be technology doing the work instead of the workers. This makes labor something valuable.
3. Labor and value are related since labor is charged of the product and the cost so then the value is what made the product look better and the worth will be more.
4. Labor and labor-power have a difference between each other which is labor can be measured in time, hours, and minutes. The more time it takes to make something, the more valuable it can be. Labor-power is when a worker sells to an employer. Commodity is applied which can increase the value. Labor-power is found only in people.
5. Surplus Value is the value produced by the labour of workers over the wages they are paid. It goes directly to the boss and the company. Surplus Value is an important measure in the studies of social class, the workers are the ones that get the credit due to the work they do. Their wages can be high or low depending on what they work at and if the business is successful.