1. In my own words, the means of production are otherwise known as they key components that make up a single product. For example, if I were to boil 2 eggs, I would need a pot and some boiling water to then produce a boiled egg. On the other hand, Labor is simply the measurement of time along with manpower or service needed to push production. One example would be a pilot flying a plane. A plane is unable to fly on its own so in order for an airport to remain in service, it must have pilots to keep means of production.
  2. Based on video 5.1, value is the amount of labour anything is needed to be produced under normal circumstances. This is what gives value its “value”. Therefore, what makes something more valuable than something else is through the difference in measurement of labor.
  3. Labor and value are in direct correlation with each other. This is due to the fact that value is determined by the amount of labor that is being utilized. Something will be low in value if there isn’t too much labor being utilized and if it his high in value there will be a high amount of labor being utilized.
  4. The difference between labor and labor power is that labor power is that labor power is defined by what it takes to produce the overall action of labor. For example in order to produce labor, one must be able to have food, clothes, and a shelter.
  5. Surplus value is the excess value that workers create that is worth more than their own wages. This excess value is profit for the capitalist in charge. It is in important to know about in the study of social classes because it serves as a gateway of exploitation of workers.

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