1. I understand the means of production as the supplies and materials. For example I need my laptop, wifi, and a place to study in order to focus and do schoolwork at my best. In my case I don’t own these means of production entirely as they are mostly privately owned. Labor to me is what I have and how I can increase the value of it. For example, if I own paper, I can draw a piece of art that may increase its worth if it’s valuable in the art industry.
  2. Value is measured by how much labor it takes to produce under normal circumstances. The means of production that it takes makes the production of labor more valuable. Whether it’s by hand or by machinery.
  3. Labor is measured in time, hours, and minutes. The more labor time it takes to make something under normal circumstances, the more valuable it is. A good scenario is if you can automate a process then the products become cheaper, given it takes less labor time to make them. On the contrary if a job requires a lot of special training then the products become more expensive since the time spent training is necessary labor to do the job.
  4. Labor power is the ability to go out to work and do the labor. Alike to the energy we have to do labor to the best of our ability. In contrast to labor being what I produce and how long it takes of my time. It’s the only commodity that when applied increases the value of the labour.
  5. Surplus value is value on top of the value it takes to the amount of labor going into you as the same as to the amount of labour coming out of you. The profit that the laborer makes ends up belonging to the boss or to the company. An example is making candy products. The owners sell the products for profit and keep that profit you generated through your hard work labor.

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