1. 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.

The means of production is the place that manufactures goods that’s for public use, like land. The means for labor is working with manpower to increase the value of the thing, for example, cooking. The eggs are cheap in their original egg form, but if we use it to make dishes, it would raise the value of the eggs.

2. 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 effort and time is wasted on the product. We can make something more valuable by wasting more time on it. On the other hand, machine-made products are usually cheaper than hand-crafted ones.

3. How are labor and value related? What’s the relationship/connection between the two?

There’s a positive relationship between labor and value, which means as more time of labor on a product, the value increases.

4. 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.

Labor is how people work on products for their lives, and labor power is what a worker sells to others.

5. 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 the portion of the wealth that a worker creates, but their owner gets it. It’s the profit of the owner, the worker only can get how much that their owner thinks they deserve.