- 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 are the tools, machines, and buildings used to produce goods and services. Labor is the work done by people to produce goods and services. The value of a good or service is the amount of money that people are willing to pay for it. The value of a good or service can be different for different people. For example, someone might be willing to pay $20 for a new shirt, while someone else might only be willing to pay $10 for the same shirt.
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 the quality or worth of something. Something is valuable if it is rare, useful, or has a high monetary worth.
3.How are labor and value related? What’s the relationship/connection between the two?
Labor and value are related in that the value of a good or service is based on the amount of labor that has gone into producing it. The more labor that is required to produce a good or service, the higher its value will be. The labor theory of value is the most fundamental theory of economics and it states that the value of a good or service is based on the amount of labor that has gone into producing it.
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 the work that people do. Labor power is the capacity to work. Labor is the actual work that people do. It is the physical or mental effort that people put into something in order to achieve a goal. Labor power is the capacity to work. It is the ability of people to do labor. It is the potential for labor that people have. For example, if someone is working in a factory, their labor is the actual work that they are doing. This could be operating a machine, assembling a product, or packing boxes. Labor power is the capacity to work. This means that the person has the ability to do the labor. They have the potential to do the work.
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?
In a developed capitalist economy, surplus value can be viewed as a way of measuring of the level of social productivity reached by the working population, or the net amount of value that can be created with labor that is in excess of personal consumption needs.
