Myeesha Henry
- 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 are tangible items or raw materials needed to produce items and services, like factories, machines, and tools, for example, at a construction site you need steel, bricks, an earth drill, etc. Labor is the work that a person puts into the work physically and mentally, like when construction workers are building a building or an architect is drawing up a design.
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?
The amount of labor time needed to produce something under normal conditions is what basically defines value, according to Marx’s Labor Theory of Value. What makes something valuable is the labor, time, special skills, and training, all of which make something valuable. When the process becomes automated, products become cheaper because less labor is put in.
3. How are labor and value related? What’s the relationship/connection between the two?
Value and labor are directly and fundamentally related. The only thing that can make your possessions more valuable is labor. They connect because raw materials gain value when labor turns them into something someone would buy.
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 between labor power and labor is that labor is the actual physical work you put in, the time, and labor power is when workers rent out their 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 extra value or profit generated by workers beyond what they’re paid for their labor power. It’s important to know about surplus value because it explains the class struggle and how capitalists exploit workers by paying them less than the value of their labor. An example of surplus value is if you make 80 dollars a day making shirts with a sewing machine for 8 hours a day, and you make $600 worth of shirts, you’re only paid 80 dollars, but the shirts made are 600, the surplus value is 520, kept by the company. You create more value than you’re compensated for.
