- Production refers to the action or process of being manufactured from some materials. For example, using some wood to manufacture pieces of furniture, the processing is production. The means for labor is the most important commodity in the world by rending out time and ability to create value. For example, a piece of wood becoming valuable furniture has to be manufactured by people’s labor.
2. Value refers to making a product by how much labor under normal circumstances. Value is not price, in fact, it refers to the use value of the commodity, and what can it bring? For example, the computer has the value of surfing the Internet, doing homework, studying, communicating, etc. The bed has the value of allowing people to lie down and sleep and rest. These so-called values refer to use values.
3. According to the video, the normal connection between labor and value is measured by how much labor it takes to produce under normal circumstances. In general the more time of labor on produce, the value more likely increases.
4. Labor refers to the labor provided by human beings in the production process, including mental labor and physical labor. Labor power is workers sell their ability, experience, physicals power and time to employees, so labor power is found only in people, and when workers go to work they rent out their labor power for the day.
5. Surplus labor is when employers exploit the most portion value from workers. In general, workers are always being paid less than what their labor is actually worth. That’s how capitalism works: they hire other people to increase the value of what they have, and then employers keep that extra value for themselves. Marx thought that capitalism, everything that has come with it, is sustained only by exploring the working class.
