The way I understand means of production are the instruments it takes to produce something which includes ones skills, talents, and or what one owns. For example I use my building zoning code knowledge, typing skills, a computer and copy machine to prepare specific forms and applications to process my work permits. Labor can increase the value of what you have as labor is measured in the time it takes to complete producing the product under normal circumstances. Example How much time I actually apply to do the task (under normal conditions), the more time spent the more it is worth. Time is literally money.
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? Labor and value are intrinsically connected. The amount of labor time spent on producing a good or service determines its value. The more time and effort involved in production, the more valuable the product becomes. For instance, hand-made goods take more time to create than machine-made ones, so they are often priced higher because more labor is involved in making them.
How are labor and value related? What’s the relationship/connection between the two? Labor and value are related due to the amount of time and effort it takes to create goods or service. The more time it takes to make something the higher its value. Like when something is handmaid rather than machine made it takes more time and can cost more.
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 actual work or effort put into creating something, whereas labor power is the potential or capacity to perform labor. Labor power is what individuals sell to employers in exchange for wages. It is sustained by the basic needs like food, clothing, and shelter, and it is the source of the actual labor effort. In essence, labor power is the “capacity to work” that someone offers, while labor is the actual performance of that work.
Surplus value refers to the additional value generated by workers beyond the cost of their labor. In other words, after workers are paid their wages, the value they create in excess of their wage is retained by the employer as profit. It’s crucial for understanding capitalism because it reveals how workers are often paid less than the value they create, which leads to inequality and class conflict. For example, if an employer pays workers $10 for an hour of labor but charges customers $30 for the product, the $20 difference is surplus value—profit that goes to the employer rather than the workers.
