- 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 production can be divided into two things and that is instruments of labor and the subject of labor. However, the instruments of labor are the materials needed, factories and machinery which makes the products whereas, the subject of labor is basically the 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?
Value can be defined as the element that is common to all commodities is labor time required in production. Therefore, labor is what gives “value” to value.
- How are labor and value related? What’s the relationship/connection between the two?
Labor and value are related; however, the connection between labor and value is that labor creates value in which the value of a commodity can be determined by the number of labor hours required.
- 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 and labor power is that labor is the ability,skill and energy of workers to produce whereas, wages are the price of labor power.
- 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 arises from the exploitation of labor because laborers are not fully compensated for the amount of value they create therefore, they have to sell for a wage in order for them and their families to survive. It is important to know in our social classes because it helps us understand the cost, value and how profit works. For example, if someone makes a burger and sell it for $8 and getting paid $8 then the owner, made nothing off of that burger therefore, in order for the own to make a profit, they have to pay the worker less than what they will make in for that burger so they can earn a profit.
