- 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.
Means of Productions is to produce goods and service . Labor is work getting done by workers .
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 measured by how much labor it takes to produce under normal circumstances . I want to say that prices give value its value even thought economist tend to ignore value in whole . Someone’s meaning and and value of course determine its true value .
3. How are labor and value related? What’s the relationship/connection between the two?
Value and Labor relate by both having to do with producing some type of goods . The connection between both expend causes economic goods to be valuable .
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 what increases the value of the thing you have . Labor Power is found in people and when you go to work and rent out your labor power for the day .
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 additional labor a worker has to do in their job , beyond earning their keep.
