1.) In video 5.1 “Labor & Class Conflict,” it discusses two key concepts: means of production and labor. Although they each have their own respective definition, they reconcile with each other quite well because it refers to social class; specifically the working class. For starters, “means of production” are particular things that are necessary in order to produce a product(s). Usually the driving force behind this are human beings, regardless if they were to use something like machinery to speed up the process. On the other hand, “labor” is “the only thing that can increase the value for what you have,” according to Marx. In other words, it is the time that someone takes in order to produce a product. Basically, the more time that someone takes on creating a product-the more valuable it’ll be. The saying “time is money,” is correct because labor is “measured in time, hours, and minutes.” Usually products are “man-made” and since a person puts an immense amount of effort during the time that they are working to produce something, their efforts are “rewarded” in a way. The price tag that will follow the item will represent the amount of labor they’ve done.
-An example of “means of production”: In video 5.1: Labor & Class, he talks about how his Youtube video plays into this concept. Producing a video of his standard is no simple means because he shows various equipment that is used to ensure the production can be done. For example, a camera so he can have his face present in the video, a microphone to record his voice, a tripod for lighting, a backboard, editing software, and of course himself. Not only are these all factors in creating a video such as this one, but also considering it is the “means” that goes behind something to be created.
-An example of “labor”: In video 5.1: Labor & Class, he gives the example of a block of wood. A block of wood is nothing, it does not have any value as of yet because wood can be obtained anywhere and it is not made into anything. But when you add “labor” into the mix, that block of wood can obtain value because someone will put time and effort into making it valuable; like a chair. A chair requires an immense amount of time to make and is a product that will make money so it will be priced based on the amount of time it took and possibly the kind of wood that is used.
2.) Based on video 5.1: Labor & Class Conflict, “value” is considered to be how much something is worth. What makes something “valuable” is the time and effort that is put into creating the desired product.
3.) “Labor” and “value” are two concepts that were presented within the video in regards to the production of a product. To understand the relationship between the two, we must first come to define each of them respectively. Labor is considered to be time that someone takes in order to produce a product. On the other hand, value is how much a product is worth or will be sold for consumers to buy. Now, value is actually measured in a particular way that is connected to the amount of labor that is produced by someone. For example, according to the video it stated, “A product’s value is measured by how much labour it takes to produce under normal circumstances.” This quote from the video is an accurate definition of how these two concepts are connected. So, if a product were to be mass produced by machinery rather than a human, the machinery can produce the product in lesser time and provide more quantity. Whereas the human will take more time and provide less but with more effort compared to the machine. Thus, the value of the product will be different based on how it is produced. Not to mention, the skill that an individual has to gain in order to produce that product should be considered as well.
4.) From my understanding, there is a difference between the two concepts; “labor” and “labor power.” Labor power is supposedly the “ability to labor,” it increases the value of what you have and is apparently only found within people. Having the ability to work or labor power, requires that you are sustained by having the necessary food, clothing, and shelter so you can make it throughout each individual work day. So, considering that labor is something that human beings have always done in order to produce goods and provide services or simply-the physical act of working. Whilst labor power seems to be one’s capacity to work and how they are able to sell their efforts to the employer so they can support themselves through the pay that they obtain.
5.) “Surplus Value” is the distinction between the amount of money obtained through the sale of a product and the price it costed the owner of that destined product to manufacture such. It is an important concept in understanding our study of social classes because Marx made an important point in regards to capitalism. The goods and services that are provided from an individual for the company that they work for are in the best interests of the company or business that they work for. Despite the fact that the worker is paid, Marx mentioned capitalism; you are always being paid less than what your labor is actually worth. For example, according to the video it states, “That’s how capitalism works, you hire other people to increase the value of what you have and then you keep that extra value for yourself.” (Timestamp: 5:43- 5:50) This basically means that you continue to make the “rich” richer while you remain to be on the side of the working class spectrum or worst. People who own business or corporations that are worth significant value will want to ensure that they keep making money and that it grows, employees are that driving factor and will continue to have people regardless because there is always someone who needs a job to make money. An example that I can think of for surplus value is a person who works for a retail store. In a single day, they make a day’s work that consists of 8 hours and while the pay seems good to the person, it doesn’t actually represent the amount of labor that they did within that day.