1. My understanding of means of production is that ‘means of production are privately owned rather than owned by the labors, and the products are sold in a market for profit. An example of means of production is Youtube, when watching youtube videos that have ads on them the person video that you are viewing is making a profit from that because the more video. Sponsors paid anywhere between $0.035 to $0.15 per view to YouTubers in 2020 for sponsored video content on the platform; another example of means of production is also with the people that have youtube premium and don’t want ads and listen to music without having their screen on they YouTubers get paid a fee from what youtube gets paid per member that has a premium membership that views the YouTubers channel so they are getting paid either way. I understand that labor is essential because it’s the only thing that can increase the value of what you have. An example of labor is farmworkers they grow crops and sell them to larger companies and the value gets increased and the money they get they grow more crops and keep doing the same cycle by supplying the companies with the foods.
2. Based on the ideas projected in Video 5.1 about the value that the labor is measured in time, hours, and minutes and the more labor time it takes to make something under normal conditions, the more valuable it is. An example of value is my boyfriend, he does graphic designing and the more time he spends on that graphic design the better the quality so the value increases of that design. The value increased because he started with a blank screen and his ideas and vision made something that is valuable and it’s the time he spent on making it.
3. Labor and value are related because, In the labor theory of value, the amount of labor that goes into producing an economic good is the source of that good’s value. If labor is the source of value then why aren’t the most valuable things made in the most labor-intensive industries? The connection between labor and value is that labor power, the ability of labor in marxism is that labor is the most important commodity in the world and when a commodity is applied to value it increases the value of what you have. Labor power is something you use to get money in exchange for the labor you put into your job. An example of labor power are you going to school and the teachers squeezing in a 45-minute lesson for you to get all the information you need to learn for that day to complete your homework.
4. The difference between labor and labor power is that labor power as I stated in the previous question is something you use to get money in exchange for your labor for that day of work, is an ability to do labor whereas labor is the work you are doing for the owning class. When you use labor power you are working and it takes a certain amount of food and clothing supply to make you accomplish your labor goal whereas with labor you are just doing the job. Labor power is what a worker sells to an employer. The employer “consumes” the purchased labor power by setting its owner the worker to perform the laboring activity (to do labor) alongside/with tools, equipment, and raw materials.  Labor is something humans have always done to produce the goods and services upon which life depends.
5. Surplus value is the value on top of the value it took you to get there. The surplus value goes to the company you work for not to you but your bosses. Surplus value is important to us because that’s how capitalism works, they hire you in jobs to increase the value of what you have and then they keep the extra value for themselves. Marx thought that capitalism has a lot to do with surplus value because it’s sustained on the fact of exploiting the working class. An example of surplus value is how people are working at an office and you are done from your 9 – 5 pm shift and you finish at let’s say 1 pm you still have to use labor power and your boss is getting surplus value off of you which means the work you are doing those extra hours your bosses profit from them not you since they are still going to pay you the same wage for the labor you exchanged with them from 9 – 1 pm.

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 are privately owned where it is sold in a market for profit. On the other hand labor is the only thing that can increase due to its value. For example, means of production shows more of like factories or the materials being used to make the product without that there will not be no production of the product. While labor is the work that’s being done. 

2. Another important concept in understanding social class is value. Based on the ideas presented in Video 5.1, what is value?  What gives “value” to value, what makes something valuable? 

Value is the time and effort you put into something. To give value you need to make something as simple as a ball of yarn into a sweater. The value increases because it may have started as just a ball of yarn but with time and effort in other words labor adds more value in other words money into the person who is going to buy it.

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

Both labor and value are related due to the process of the labor work. Labor is the work you put into making the product. The more time and effort the labor you are doing for the product will increase the value of what the product is worth. 

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 power is your ability to work. With proper eating, sleep, housing and clothing and ect has an impact on the work you do. If you are well rested and well taken care of, your effort in your labor work will increase and the products will then get the right amount of value. Labor will slack if you are not being properly cared for. The amount of effort will not be the same you will slack and cut back.

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 value on top of the value. But because the means of production is privately owned the profit will not go to you. It will go to your boss, the one who owns the company. Seems to be that you will always be getting paid less than the labor you actually put in because you are not getting the profit. You are being a hard worker for the profit to go to someone who didn’t do work at all.

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 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.

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