The Meaning Of Production And Labor

Labor is the work that people undertake to create commodities and Services, whereas the means of production are the resources such as land, factories, equipment etc. that are employed to do so. For instance, in order to run machinery and put together goods, a factory meaning of production which needs manpower.

Meaning Of Value

Value is the worth of anything, as defined by how much people are prepared to pay for it or how much it provides to society. Scarcity, utility, and demand are frequently what determine the worth of an item. Gold, for example, is a major value because it is rare, long lasting and has numerous applications.

Labor Vs. Labor Power

Labor vs Labor Power describes the actual work being done, whereas labor power describes a worker’s capacity or ability to carry out job. while labor is the actual act of completing work, labor power is the potential of a work to perform work.

Surplus Value

Surplus value is defined as the difference between what workers are paid and the value they produce. It is relevant to the study of social classes because it explains how wealth is generated in capitalism system, which frequently benefit owners more then workers. For example, if a workers produces 400 in items in a day but is paid 200, and the 200 difference represents surplus value that the company receives.