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 video helped me get a good understanding of the means of production and labor. Means of production are basically the things that are used in order to create and make something. In order to create a product, you need tools and objects to help you make it.  The video used a good example, if you’re creating a video the things that would help you make it would be a camera, nice lighting or lamp, and yourself order to make it. Labor is the only thing that can increase the value of what you have. An example would be a plain shirt you’re selling if it’s plain and boring people won’t want to pay much for it because it’s something simple that doesn’t have much value. But if you put in time and labor and add designs with a sewing machine or customize it then the value would increase and it would cost more since labor and time were put into it.
  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 what something is worth due to the amount of time and labor put into it. A product’s value is measured by how much labor it takes to produce under normal circumstances. A product that was handmade and took more time is more likely to be more expensive due to everything it took to create it. While a product that took less time since it was made by fast machines would be worth less since it took less time and labor.
  3. How are labor and value related? What’s the relationship/connection between the two? The connection between labor and value is that labor is the work that’s being done and put into something and this helps determine the value of a product. A value of a product is determined by the amount of labor that was put into it. The value is how much it 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. The difference is that labor is the work that you do to produce while according to Marxist economics the ability to labor is the most important commodity in the world. It is the only commodity that when applied increases the value of what you have. The video gives a lot of examples such as mentioning when you go to work you rent out your labor power for the day the video also states that the amount of work you put in for the day is the same amount that you have to take out for the day. In order to get through the day, you need food , shelter , clothing etc. In other words you receive less than what you make.
  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 it took to get you there, profit essentially. Marx believed you are always being paid less than what your labor is actually worth this is because the boss keeps the profit of all that hard work you did by selling it for more. 

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