- The means of production consist of the tools, materials, and infrastructure necessary for the manufacturing of goods or the provision of services. For example, an iron welding plant possesses all the necessary materials to establish production; such as the physical location the production takes place, the energy source used to power those devices, the welding equipment and machinery, and the physical material (iron and steel). Moreover, labor is the physical work humans contribute to making a product. For instance, humans operate the machines and create the materials to produce an item.
- Value is how much labor goes into producing something, which is measured in time. It is determined by how much labor is invested into making a product. Which is what gives “value” its value. The more labor that is exercised to create a product, will raise the value of said product.
- Marx’s theory makes a direct correlation between labor and value. The value of a product is based on the labor invested in the process to create it. The more labor that goes toward creating, the higher the value becomes.
- The difference between labor and labor power is that labor is the physical work being done to create something. While labor power is the ability to complete the job. You need basic life necessities in order to maintain your labor power. This consists of things like food, shelter, and clothing to help support your ability to work.
- Surplus value is the extra work that workers produce, which stems beyond the wages they earn. This is important to know about in our study of social class because it shows the disparities between the capitalist class and the working class. It also highlights how employers are able to make profits by paying the laborer less than the value of what they have produced. To illustrate, in the video, “if a worker receives $100 for their work, but the product they make is worth $200, then the $100 difference the employer keeps is called surplus value.”
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