1. Means of production is what is needed to produce a product. Labor is the time and energy required to produce a product. To make orange juice, you need oranges and a tool to extract the juice. The time and energy required to extract the juice is the labor.
2. Value is the amount of time and energy (labor) required to produce a product under normal circumstances. The more time, specialty, and training required to produce something then the more valuable it is. Inversely, the less time, specialty, and training required then the less valuable it is.
3. Labor is the key component in determining value. The more labor required, the value increases. The less labor required, the value decreases.
4. Labor is the time and energy required to produce something. Labor power is the ability to perform the labor. Different products will require different labor power. A locksmith has a different labor power than a software engineer.
5. Surplus value is the profit made from labor. Surplus value is the reason capitalism exists. The capitalists make money off the labor of the working class. That profit is based on the surplus value of labor. If an hourly worker gets paid $10/hr and within their 8-hour shift, they produce enough for their $80 to be paid in 3 hours of their shift, then the remaining 5 hours of their shift is surplus value.

DB 5.1

1. 1. **C > M > C** (Commodity > Money > Commodity) illustrates the working class, where labor functions as the commodity. I exchange a product or my services to earn money, which I subsequently use to purchase other commodities.

• 2. **M > C > M** (Money > Commodity > Money) exemplifies the capitalist approach. Here, I begin with money, use it to acquire goods or services (the commodity), and then sell that commodity at a higher price to realize a profit.

• 3. The “M” represents MONEY, indicating the earnings for both social classes. The primary distinction lies in how they obtain it, depending on their respective methods.

• 4. How is money transformed into capital? When I use my money (M) to purchase a commodity, whether it be a service or a product, I carry out the necessary labor. Afterward, I sell the product at a higher price, generating a profit. With this profit, I can invest in various opportunities, thereby creating capital. As previously mentioned, owners and capitalists acquire their money through investments, while workers earn their income through wages.

DB 5.2

• Explain M-C-M’ to show how capitalists maintain and increase their wealth. Owners have money, which they have accumulated through investments made from the profits generated by low-cost labor. They hire workers who, in return, provide products or services. The owners then reinvest the profits they earn from these products, allowing them to accumulate even more wealth.

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.

1) To produce anything in a capitalist society you need both the means of production and labor. The means of production are the resources (which are usually privately owned) that a product is made from. In order to produce something, you need other people’s labor (time) to get your finished product. For instance, a privately owned factory that makes laptops needs machinery and certain materials like aluminum, copper, plastics, and minerals. These materials are bought as a business expense and are the capitalist’s means of production. To make something of these materials, the capitalist has to hire laborers that build the final product or manage machinery. The only factor that separates the value of materials from the value of the laptop being sold is the amount of labor put in by the factory workers. This does not mean that the laptop’s market value is equivalent to its true value. 

2) The labor theory of value is that the real value of a product is how much labor was required to produce it under normal conditions. Labor is what creates value, the time put in by laborers to make something. Something is more valuable when it takes more time to produce, while the means of production transfer value, labor creates it. 
3) The direct relationship between the two is that value is created through labor, more specifically human labor. In a capitalist society, value comes from labor but is changed through market dynamics, putting profit over human needs. 

4) Labor is a worker’s production of goods and services. Labor power is the worker’s ability to work, meaning their wages are reflective of what is needed to maintain their basic needs and level of skills, not the value their labor created. The capitalists own the workers’ labor power, and find the most effective way to manipulate it through working conditions and intensity so that their profits grow. 
5) Surplus value is the profits workers create through their labor for capitalists. A worker’s wage is usually determined by the capitalist as the bare minimum pay that will cover their basic needs and ability to keep working in order to keep the working class in the working class. The value of the labor created by the worker is more than their wages, but the difference is instead pocketed by the capitalist as “profit.” This is important in the study of social classes because we can see how it is that people stay in the working class vs. the capitalist class. An example of surplus value is when a worker produces a product their labor is worth $20 per item, the capitalist pays the worker $5 per item produced, and the $15 difference is taken by the capitalist as profit. 

1. In the video titled, “Marx Part 1: Labor & Class Conflict”, two concepts are introduced; production and labor. Means of production is privately owned and the products are sold in a market. For example, Publix is a company that sells grocery items. Their means of production would include multiple factories and their stores nationwide that are used to create and ship the product. Labor is what increases the value of a product. For example, according to Vanity Fair, in 2015 Rihanna paid four million dollars to a Chinese designer named Guo Pei to create her dress for the Met Gala. The dress’s value comes from the fact that it took two years to make and it was completely handmade.
2. Value is what a product or item is worth. What gives a product value is the amount of labor it takes to produce under normal circumstances.
3. Labor and value are connected because labor is what creates value. For example, if a product is being made by a machine which can cut down the amount of labor needed to create it, then the value goes down.
4. Labor is the work that is required for something to be done and/or created. This could include machines building items in a factory. Labor power is the volume of work that a worker can do. This solely relies on a human’s ability.
5. Surplus value is the excess value that is created by workers that is worth much more than they are paid. The surplus value is collected by the employer/privately owned company. This is important to know about in our study of social classes because surplus value is how the working class is exploited. When workers are not being paid the real amount of money their labor is actually worth, it keeps them constantly stuck working for the private company. For example, many New Yorkers put their entire paychecks towards rent (that is constantly increasing every year) and bills. This leaves no room for them to create savings, properly invest their money, and afford vacation. If they were paid what their labor is worth then they could quit that job and open their own business. Surplus value is how economic inequality is created and maintained.

1. To my understanding, in order to make any product two things are necessary, means of production and labor.Means of production are all the items that aid in producing a product, it can be used in two ways: for capitalist production and standard production.Standard production is the regular process, where means of production are just the tools used to create a product regardless of who owns them.Whereas, capitalist production is when the means of production are privately owned and the resulting product is then sold to in a market for profit.An example of it would be if my product is a house my means of labor would be cement, bricks, lightbulbs etc.Labor is defined as the amount of work it takes to complete a task/product, this is the only thing that is able to increase the value of what you have, being that if a higher rate of labor is required then the value goes up as well. An example would being, the usual amount of labor for a regular carpenter to make a regular door is 3 hours, whereas if it’s a door with more intricate designs this will then increase the value of the product as the labor has increased.
2. Value is ultimately the amount of effort it takes to make a product, as a products value is dependent on the labor required under normal circumstance to make that specific product.An item that is valuable is a product that has a large amount of labor required, making that product “unique” when compared to a product that was completed in a short amount of time.
3. Labor and Value are directly related to one another, i’d say they have a cause and effect relationship, as when one increases (labor) then the other variable increases(value).Specifically, if a wedding cake was being made and it required higher labor than usual then this would then increase the amount of value(cost) it has.
4. Labor power is what is sold to employers within the capitalist system, it is an individuals ability/capacity to do work.Whereas, labor is the actual work that gets completed.
5. Surplus value is the extra work completed that isn’t covered in wages to the worker,its important as this is a key example that supports marx’s theory of capitalism being formed to exploit the worker and benefit the rich.An example would be if my task at my job is completed within the first 2 hours of my 8 hour shift, the rest of those 6 hours would be considered surplus value as my task is already completed but i’m still completing other work that benefits my employer.

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.

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.

1. Means of production, to my understanding, are the tools, whether owned or not, that are used for the production of goods or services. The camera equipment, editing software that the creator owns, as well as the website used to upload his video are a good example of the tools used for his means of production. Labor, in my understanding, is the amount of work and kind of work that goes into creating a product whose value is measured by the amount of work that goes into creating that product. A good example of this is the amount of labor that’s created when turning wood into furniture; woodworkers cut down the trees, which are then driven to a factory, and in turn factory workers work the machines that help shape and cut it into furniture.
   
   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? 
   
2. Based on the ideas presented in video 5.1, value gains its “value” through what is called labor power. This is defined by the ability to work, and the effort created to get a person to work. The food, rest, and items in your life that fuel your labor power to work a 9-5 for the means of production of your company or boss is what gives value its “value”. Companies can put a price on their goods based on your work, and what it takes to get you to commit to that work. An example would be a barista who makes coffee drinks; the value would be how the drink tastes and its quality.
   
   How are labor and value related? What’s the relationship/connection between the two?
   
3. Labor and value go hand in hand as labor creates value. The value of a good or service is heavily dependent on the labor it takes to create it. A person who puts in the labor to create custom-crocheted scarfs can place a value on the item higher than that of one that comes from a factory, as their labor is considered more strenuous since they do not have the machinery to assist them.
   
   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.
   
4. The difference between Labor and Labor power, in my understanding, is as such: Labor is the effort and work created by an individual to produce goods and services. Labor power, on the other hand, is the amount of effort you can create to do the necessary labor. The working class has to sell the ability of their value to work for the capitalist to make the necessary money to survive. As it’s a specific act of a working-class person to work and a set amount of time for wealthy people, the source of value for a person is essentially the amount of labor going into you toward the amount of labor coming out of you.
   
   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?
   
5. Surplus value is the excess value created on top of the value it took you to get to work, which is your labor power. As an example, if you create labor power to maintain 4 hours’ worth of work but are working a 9-5, your boss gets the extra 4 hours out of you as a surplus value. It is important to understand this, as this surplus value does not come to you, but instead it is profit for your boss. They will make more of your effort than you will, which can be seen as very exploitative.

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.