- In a manufacturing process, production refers to the process of converting raw materials or inputs into finished goods or products. To put it another way, it’s the process of making something out of nothing. A production run, for example, is a term used by some companies to describe a group of products produced at the same time. These terms can be used interchangeably. Essentially, it refers to the manufacturing process itself or the end product of a manufacturing process. Labor is the amount of physical, mental, and social effort used to produce goods and services in an economy. It supplies the expertise, manpower, and service needed to turn raw materials into finished products and services. For example the services performed by workers for wages as distinguished from those rendered by entrepreneurs for profits.
2. Based on the ideas that presented in the video value can be A thing or matter is valuable when it is able to facilitate someone. A law is valuable when it is able to establish justice. Similarly, a suggestion or advice is valuable when it helps to overcome a crisis. It is subjective as well as objective. It may have personal importance as well as universality and can be applicable to others.
3. Relative pricing between goods is explained by and predicted to tend toward a “natural price,” which reflects the relative amount of labor that goes into producing them, according to the labor theory of value.
4. Labor has always been a part of human life in order to generate the things and services that keep us alive. Labor power is a historically unique concept that has been absent for lengthy periods of human history before resurfacing in capitalism. A worker’s labor power is what he or she sells to a company.
5. Labour power is the capacity of “labour”. In Marx’s terms, labour was the physical form of activity or work while, labour power is the ability or capacity to do the work. Marx puts labour and labour power as two things. He explains that labour is not nothing but just an activity labouring activity and it has no value attached to it. It is the labour power that has a value. And, labour power is something that is exercised through labouring. In other words, Marx claimed that people do not exchange activity for wages, they rather exchange power or their ability to perform such activities labour power for exchange. Thus, Labour are the sellers of their labour power.
6. The surplus value is the difference between the exchange value of a commodity and the wage paid to the workers. Marx propounded the theory of surplus value on the basis of his theory of value. In capitalism the workers are not given a wage equal to the value they produce. They are given a wage which is far less than the value created by them. For example if the production of a commodity requires 10 hours labour power. In the process of production workers are not paid a wage equal to 10 hours but will be paid a wage equal to the 2 hours which is equal to the bare subsistence of the labour. The surplus of production over the cost is appropriated by the capitalist. It is important that researchers determine people’s social class to generate knowledge about how one’s class positioning affects such things as quality of life (among other important outcomes). Social class is an important factor in sociology. Because it can be related to many other aspects and quality of life of the people. Social class can be used as a variable in different researches.