1.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.

*What is meant by the term “means of production” are the resources, equipment, and expertise needed to create anything. These could be obvious instruments or invisible assets like skills and information. If you’re a baker, for example, your tools of the trade might be an oven, flour, sugar, baking knowledge, and recipes. When making bread or pastries, you use these materials.

The time and effort that truly goes into producing a good or service is known as labor. It is the labor that is done in order to make something happen. The time and effort required to mix, knead, bake, and package the bread or pastries, for instance, would be considered the baker’s labor. The amount of work required increases with the amount of time and skill needed. So in this case, labor is the time and physical effort required to make the baked goods, whereas means of production are the equipment and knowledge required to bake.

2.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? 

*A product’s value is determined by how much work it takes to make it under typical conditions. A product’s worth is determined by the amount of time and effort that went into making it. When labor is put into something, it becomes something else, which increases its value beyond what it was before. This is what makes something valuable.

3.How are labor and value related? What’s the relationship/connection between the two?

*Value and labor are related because the amount of time and effort required to produce something has a direct impact on its value. A product’s value increases with the amount of work required to create it. The reason for this is because labor increases the value of raw materials by transforming them into something more desirable or useful.

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.

*”Labor” is the effort put into creating or working toward something, whereas “labor power” is the potential amount of labor needed to produce a product. I understand this to mean that “power” in this context may refer to the quantity of people or capacity required to complete a task based on context-related hints. Labor is the actual work that is done, whereas labor power is the potential for work that can be applied to a task or project.

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?

*When workers create value beyond their pay, that value is known as surplus value. The employer keeps the additional value that workers produce after receiving compensation as profit. Understanding capitalism requires an understanding of this concept since it demonstrates how workers are often paid less than the value they create, resulting in economic inequality. For example, if the bakery sold 100 croissants in an hour at $5 each, and a pastry baker was paid $10 per hour to make them, the overall profit from the croissants would be $500. The Surplus value, or profit, is the $490 that remains after subtracting the employee’s salary from the revenue and is retained by the bakery owner instead of being distributed to the employee/s.