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 is the physical resources and tools used to produce products and services in a society. For example, the MTA in New York City provides buses and subways for workers to commute and citizens to travel around the city. Labor is the only thing that can increase the value of what you have.
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?
According to the video, value is measured by how much labor it takes to make something under standard conditions. The value is given to a product or item by the amount of labor and time it took to make it. Labor is the only thing that can increase the value of what you have.
How are labor and value related? What’s the relationship/connection between the two?
Labor and value are related based on the Labor Theory of Value. Which states, the value of a good or service is determined by the amount of labor and time required to produce it. This means that the more labor in terms of time and effort required to produce a product, the higher its value.
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.
Labor refers to the actual work or effort that a worker performs. Including the physical or mental activity that the worker does in the production process. For example, a teacher or professor instructing a lesson are both forms of labor. Labor power refers to the capacity or ability of a worker to perform labor. It’s the potential for work that a worker possesses and sells to an employer in exchange for wages. For example, Teachers offer their labor power with the capacity to teach, guide, and facilitate learning to schools, or educational institutions in exchange for wages or salaries. It is measured in terms of time; the amount of work the worker can potentially perform over a given period, like the number of hours in a day or week. The key distinction is that labor power is the capacity to work, while labor is the actual work that is done.
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 profit that is produced by labor that exceeds the cost of labor power; it is collected by capitalists. This is important to know about because workers are paid a wage but the value of what they produce through labor is greater than what they are compensated for. This can be considered as exploitation amongst workers which is one of the causes for social class inequality. Capitalists accumulate more and more wealth while the working class remains dependent on wages and salaries that don’t equate to the amount of labor thats done. For example, a professor at a university may have a salary of 70k and teach a class of 30 students. If each student is paying $15,000 in tuition for the semester, the total revenue generated from their tuition fees is $450,000. Thats a surplus of $380,000 the institution receives based of the value produced by the professor’s labor.
