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

A product that, with the application of labor, may be utilized to produce a good that will result in profit for the owner is referred to as a means of production. An example of that would be planting , we would plant flowers to then sell for a higher cost than it cost to make. To add on, labor is defined as an activity that can raise the worth of our assets. An example of that would be factory workers.

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? 

The amount of time and money required to produce a thing under natural conditions is how value is measured. Something grows more valuable the longer it takes to manufacture it. Time is literally money so the more time spent in construction of the product, it makes the product more valuable.

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

Value and labor are closely related concepts. Value determines how much labor is “worth.” The higher the value something has, the more work and time we invest into it. It’s in a way a two step concept, you need the two to properly function within an organization. Time is money.

How do you understand the difference between labor and labor power? 

Only individuals have labor power; maintaining an economy requires a certain quantity of other goods. Labor power is the worth of the work that an employee advertises for another employee, whereas labor is the time and effort put in by an individual to generate a good.

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 can also be referred to as “financial gain.” It is a value that is still present after all associated production and maintenance costs have been subtracted. In terms of making profits, workers are always paid less than their labor is worth. An example of surplus value would be the law of ‘supply and demand’

1. If I would explain the means of production, I would explain it as to create or produce a product that will benefit the person who is producing. Productions are made, for example, the video that the narrator in the video created is considered a product because he created the video. Labor is the only that can increase the value of what an individual has. For example, if an individual buys a book and does nothing with it, its value will remain constant. But if individual labor to carve that wood into a chair, then the individual will increase its value.

2. Based on the ideas presented in video 5.1, value is the worth of a product. The speaker in the video talked about how when an individual buys a block of wood and does not do anything with it, its value will not change and will stay constant. Until the individual carves the wood to make a chair for example, then its value (worth) will increase because the individual took their time and effort into making the wooden chair. 

3. Labor and value are both related because when an individual spends a longer amount of time producing a product, then its value will increase. Hence, that is why artists sell their paintings for an expensive amount of money because they put all their effort and time into making the paintings. Labor is when humans work and value is the worth of the goods that the humans are creating. 

4. Labor is defined as when humans work to produce goods that they can sell. Labor power when applied increases the value of what the individual has. Labor power is found only in individuals, and when they work, they rent out their labor power for the day. So, labor and labor power are different because labor requires the amount of time the individual takes, unlike labor power, where the work is getting sold.

5. Surplus value is the excess of value that is produced by the labor of workers over the wages they are paid. To clarify, surplus value is the difference between the amount raised through a sale of a product and the amount the boss of the workplace will make the product cost. It is important that we know about the surplus value in our study of social classes so that we know that the workers and the boss are not getting an equal amount of money. The boss is mainly in the higher class and the worker is in the much lower class.

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.

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.

• To my understanding Means of production refers to the materials, tools and other instruments used by workers to produce products. Labor is the amount of physical, mental, and social effort used to produce goods and services for money. For example, when it comes to a car dying in order to change it the means of production will be like the tools, the spray to make the screws come out easier and the new battery it self. while the labor is actually doing the job in unscrewing out the screws and placing the battery back in. labor Is practically your time doing the job using the means of production.

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? 

• Karl Marx says that value is the amount of labor expended on the manufacture of an item under normal circumstances. The more labor done, the value increases. The less labor? it wouldn’t be as much. Just like he said ” Time Is Money”.

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

• well in my opinion labor and value are related because I feel like value is based on labor. for example, if any machinery is used to help do a job the value is less compared to a labor worker doing it hands on because of time. its like buying a car with so many upgrades, if you were to see the same car with no upgrades it wouldn’t be the same time due to the time consumed in laboring the upgraded car.

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 the job that is done to produce a product while labor power it self is the ability to be able to do the work

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?

• in my opinion surplus value is the profit your job earns from all your work. you should be getting paid more yet getting paid the wage, while the rest of your money goes to your Bosses. it is important to know about surplus value because sometimes we shouldn’t overdo ourselves for jobs knowing that we are getting paid less than what we deserve. sometimes its enough for us but we know we can get more

1. Means of production in my understanding is having to do with the facilities you have access to, and anything in general that is used to produce said product. Labor is any type of work you do for money under a job classified and labeled as a job. 
2. Value in short, summed up is the cost of something, how much it takes to produce such object and how many people buy it, the level it is consumed at. That gives something its value. 
3. Labor and value are related because labor is usually done by humans, even given how far technology has come. Thats where value comes in, how hard does such person work, how many people does it take to produce such item, the value of things being made decides the labor that goes into it. 
4. Labor is something humans have always done to produce crops, earn money, while labor power is the conditions and things you would have access to in exchange for your hours of labor, x amount of hours to eat x amount of hours. The amount of work you put in is what you get paid for the day, laboring for a job needs balance. 
5. Profit, the profit it took to get you there and the profit you or your job earned from it. But only goes to your job, you get paid hourly, and most likely minimum wage regardless. Basically whatever you do even if your happy with what you earn weekly/daily, you should be earning more. Its important to know so that you know that you only get paid so much, even for all that extra work. Lets say you work over time to help out a customer and you dedicate your afternoon to helping her, and she buys 3 devices, you still only earn what you would earn hourly for that day.

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. 

In the video, it describes the means of production as the things people do to help produce a specific product. For example, the workers, the machinery, the materials, etc. However, there is still a need for the business or the company to get the product out to the public. The company also consists of owners, just like YouTube is owned by the company Google. For instance, as mentioned in the video, Karl Marx would consider making YouTube videos as a “Capitalistic Production.” This means that the product being released is privately owned opposed to being owned by the laborers, the people who made the product. Eventually the product is sold for a profit, like when google sells ad space on a YouTube video.  

Some more examples of means of production are buildings like factories, land, commodities like gold and silver which can be made into jewelry, potatoes that can be turned into potato chips, tools that the workers use to make the products, or anything else the workers need to make things, such as money. The capitalists own the means of production. They are the ones who receive the capital and provide the items needed to create the product, like natural resources and machinery.  

When labor was discussed in the video, it was defined as the key thing that can increase the value of your product. For example, if you have a block of wood and do not do anything with it, the value of that block remains the same. However, if you fashion that wood block into something useful, like a chair, the value of the wood will increase. You may attempt to raise the price of that chair for, but this won’t affect its value.  

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?  

According to video 5.1 Karl Marx believed that value was how much labor was put into making a particular item under normal circumstances. The labor used is also measured in time. The more time put into making an item the more valuable that item becomes. Therefore, if a machine performs the same action, the item has less value because it takes less labor to make it. The more time spent on a product by human laborers, the more value the product has. If the job consists of a substantial number of training sessions it means that the item becomes that much more costly. This is because the job cannot be done without the necessary training sessions. This is an example of Marx’s “Theory of Value.” This simply means that time is money. For example, if a pair of shoes takes twice as long to make as a pair of pants, then the shoes are considered more valuable. The price of these shoes would be twice as much as pants regardless of how long it takes to make them.  

This was thought of as an unorthodox theory and isn’t commonly used by modern economists. They prefer the theory of value called marginalism. This is a theory in economics used to explain the difference between the value of goods and services in reference to their marginal use. Therefore, diamonds are more expensive than water because you get more satisfaction from receiving a diamond than you do a glass of water. Thus, the diamond has a more substantial marginal utility. However, some economists prefer to focus on prices rather than value, because you can discover how to gain a profit by looking at the price of a product. Both Marginalists and Marxists have debated these methods of determining value for quite some time.  

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

As per the video, it explains that labor and value are interconnected. Marx believed that the value is the amount of effort put into a product by the hands of the laborers. The more effort put into the product the more value it holds. Labor is the single thing that helps increase the value of what you have. Marx believed that price is comparative to value, but value is how much labor it takes to make something under normal conditions. If you slack off and take two hours to make something that takes two, the value of the product isn’t reduced by half, nor does it double if you do it in a half an hour. It stays the same because it would usually only take one hour to produce. Any product is the result of demanding work and labor. Any price tag in a store would be a representation of the labor people put into making it. Additionally, the exchange of money for products is a demonstration of the labor used to create it. Although the value of certain merchandise can be vastly different, they all are a product of labor. It is the work combined with the materials made to make a product that makes them valuable. For example, for a hammer to work you need the raw materials like iron and rubber, but you also need the human labor it takes to hit the nails. This in turn, is how the two terms are attached to each other.  

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 not considered a good or service within the Marxist theory, but labor power is. Labor produces the goods which are necessary or useful to human life. However, labor power is the ability to labor and is the most important commodity in the world. This is the only product in its existence that increases its value when the labor is being used. It is what a worker offers to an employer or capitalist and is found only in humans while they are working or looking for work. The capitalist utilizes this labor power by asking the laborer to perform a specific labor-intensive activity, providing tools, machinery, and raw materials. It takes a specific amount of nourishment for someone to provide their labor power such as food, shelter, clothing, so they will have enough energy to work a 9 am-5 pm schedule. The worker is usually paid for their labor power in the form of a wage. While the worker is at work their labor power is owned by their employer for a set period of time. The goal of the employer or capitalist is to receive a specific commodity at the end of the person’s shift, whose value is more than what materials and labor it took to make that product, as well as the wages paid to the laborer for lending out their labor power.  

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? 

Marx defines surplus value as the gap between the value the laborer creates with their labor power and the money that is paid by the capitalist to the worker in the form of a wage. As previously mentioned, the worker’s capability to work, as well as the product they produce, belongs to the capitalist employer. Additionally, the value of the commodity put out by the laborer is greater than the value of the labor power itself. Surplus value is turned into profit for the capitalist, the business, and the company. To put it simply, they sell the products a worker makes and keep the profit for themselves. Marx thought that a worker is always being paid a great deal less than what they are worth. In capitalism you hire people to increase the value of the product you sell, give a worker a small wage, and leave with the majority amount of the money for yourself. Essentially, the capitalists are exploiting the working class for the use of their labor and labor power. 

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.

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.

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