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 is all what is required to make a product such as raw material, the expertise, substances used in the primary production or manufacturing of goods, the equipment and the entity that will provide their brand name help with distribution. All the means or product are privately owned by the wealthy class but not by the working class or labor class. While the labor is the thing that increase the value of what the finished product is. In other words the labor is how much time it was required or how much time it took an individual to make that the product.

1. 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? 

Valuable means what worth a lot of money. Sometimes something that is priceless, very important. The amount of labor used to make product can determine its value. If it needed specialized or trained person to make a product, it will make it more expensive or more valuable. The person that spend the time and energy to make a product should be best situated to give value to the valuable product.

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

Like Adam Smith said “Labor is alone the real standard by which the value of all commodities can at all times and places be estimated and compared”. I think both the product and the person that produce labor has a monetary value. The labor class sells their service for money in terms of wages or salaries. And the product is sold in a market for money in return which we call profit, which make it valuable. The more labor it takes to make a product, the more value it will have and vice versa. There’s is no valuable product without the labor that work on that initial material or initial product.

1. 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 the working class use to make production of goods. It is the physical act of working. On the other hand, Labor power is only found in human. It is a person’s capacity to work and to sell their labor power to employers in exchange for money.

1. 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?

Value on top of the amount of value it takes for labor. Surplus value is somehow the profit. It is important to know about in our study of social classes because the surplus value go to the owning class. Working class uses the labor power and labor to produce goods and services. Besides they are exchanging these abilities for money, they are not fairly compensated or getting paid when considering the huge profit made out of goods or product selling. It is somehow, an exploitation of the working class.