- 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.
After watching the video and my understanding on the means of production and labor, how I understand the means of production and labor is that it’s referred to one’s use of ability which is basically skills and tools being used to create something. For example “means of product”: Using my camera to record YouTube videos for me to post.
My understanding of what “Labor” means, it simply means your effort into applying to those means of production to create a value out of it, it is also measured with time. For an example “Labor”: After I used my camera to record a video for my YouTube channel, the more time I spend to edit and to make the video perfect in order for me to get the best value out of it at the end.
2) 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?
Based on the video in 5.1, Value is important and it is how much it takes to make something under normal conditions, time is money! Value of a product is determined by how much effort and time you take to work on the product, whatever time and effort being spent will equal the value of what you would get at the end. (My understanding after watching the video). What makes something valuable is the quality.
3) How are labor and value related? What’s the relationship/connection between the two?
From my understanding labor and value related based on the amount of labor that is required to produce a goods determines its value at the end. The more labor that is put into creating something, the better its value is considered to be at the end.
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.
Based on my understanding and after watching the video being display in DB 5.1, the difference between labor and labor power is that, labor is the act of actually working and labor power is found only in people ( our ability to work ), the capacity of a person to work.
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?
Based on my understanding and after watching the video,Surplus Value is produced over and above what is required for us to survive. It is important to know about in our study of social classes because it also reflects back on our past discussions whereas we we discussing about social classes and also comparing the upper classes with the lower and this Surplus Value is also important to know about In our study of social class since it is profit in capitalism, for am example of Surplus Value: Selling a used or second hand item for a higher price than what you actually paid for.
