1.This video describes the means of production as what is used to produce goods. However, the means of labor is the work done by working class citizens, they are selling their labor in order to survive in the economy. An example of means of production  from the video would be how an owner of a factory with machinery does the work for them and they don’t do any physical work themselves. An example of means of labor would be in that same factory those who work hourly and work the machines in the factory. 

2.Based on what video 5.1 describes, value is created by labor. In order for something to have value you must assess the labor that went into making that product. The amount of labor that goes into a product determines the value of said product.  

3. Labor and value are related in a sense that there couldn’t be one without the other. Without labor, products would have little to no value, and without value there would be no point in labor if products had no profit. These two essentially work hand and hand with one another.

4. I understand the difference between labor and labor power being that labor is the actual work that a person does, if somebody is selling food plates the labor is them cooking the food and packaging the orders and putting them out. Labor power on the other hand, is someone’s ability to work and to do a job efficiently. This is when for example a company isn’t actually making their food and putting out their orders but instead having someone else who is fit to do this job perform the labor. 

5.Surplus value is how we understand how profit is made in a capitalist economy. This is the value that is kept by the owner as profit. It shows us the difference between what workers are actually paid verus what is the actual value of their labor. An example of this would be if a business owner that sells products makes a total of 1000 in profit from sale but the worker they hired only made 150 dollars in hourly wages. This would mean the owner made a profit of 850 that day after paying their employee. It is important to understand surplus value because we see that owners benefit more from paying their employees less than the value of their labor. This is how the rich stay rich. 

1. Means of production refer to the tools, machines, or resources that are privately owned and used to produce goods for profit. Labor is the human effort required to create, transport, or sell those goods. For example, a large truck or ship used to deliver goods across states or countries is part of the means of production. The truck driver or ship captain provides the labor that is needed to transport those goods to their destination.
2. Value is how much a product is worth, based on how much labor it took to produce the product under normal circumstances.
3. Labor and value are related because, based on the video, he explains that the more labor that was put into a product, the more value it holds. Like he explained, a block of wood holds the same value it was bought for, however, if you can turn the wood into a chair, you have now increased the value as it is something more useful. The more time you spend on a product, the value on it will increase. Marx describes this as the Labor Theory of Value.
4. Labor power can be best described as human ability to work. You need your time, energy, and skills to put in work for something. Labor, on the other hand, can be described as the finishing product that comes from your labor power.
5. Surplus value is the extra profit that an owner or employer earns from a worker’s labor. When workers use their time and energy to produce goods or services, they increase the company’s overall value. However, the profits made often go to the owner, while the workers receive only a small portion in the form of wages. For example, a Target employee may work eight hours a day restocking shelves, assisting customers, and operating the register, earning close to minimum wage. Meanwhile, the company earns much more in revenue from the products sold during those hours. The difference between what the worker is paid and the value they help create is the owner’s surplus value.

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.

• The 2 concepts are connected to the 2 classes Marx lays out, the owner and the worker.  Production is all the means that things go from raw material through labor (the worker) and end up at the product to be sold to benefit the owner.  The wood the raw material goes to a factory that the owner poses, through the labor at the factory the wood goes from material to be manipulated into a chair, the worker is paid for creating the chair but the owner in turn sells the chair for more then the cost of the wood and the cost of the labor inturn making money off of the production.  

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? 

• Time is money stated here in the video, and it is a saying we all know too well.  Value is the labor put into a product that was once raw material or some form before the final product.  The value added is by the worker who labors over the material to turn it into this final product.  This is the reason for automation because it makes the value that goes into the product so much cheaper, and if robots don’t need to sleep and or eat we can make things for far less.  In turn making the product so much cheaper.  

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

• The relationship between value and labor are very close, the value that one product has is directly related to the labor cost that went into creating this product.  A product is more valued when the labor is more specialized and or more expensive to produce.  So the relationship is directly correlated.  Notice here the role of the owner is not present, it is only present when you see that without the owner in this quotation this whole system would not be a thing at all.

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 power is only found in people, and when you go to work you rent out your labor power for the day” This quote sums up a lot about labor power but what is labor itself? Labor is the time and energy someone puts into a job or a product.  Whereas the labor power is the ability to labor.  Without labor power – which consists of all the things that go into your ability to work for example: your home, your family’s support, the food you eat, the car or transport you take to get to work and so on.  Without such things you would not be able to labor in the factory or office space.  

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?

• Surplus value is the value you create after you have worked for the total amount needed for your labor power.  If you need to work for half of the day to be able to support all the things you need to support your day to day life (labor power), the surplus would be everything after that time.  All this surplus would be going directly to the owner class.  So that 2nd half of the day is going directly into the pockets of the owner, but you can also think of this as extra money paid to you that you would either go spend to do things, or save for another day.  This would allow you labor to go beyond just the one day you are spending it in ways and maybe you still spend it on your labor power but it will be for another day.  In the end all the surplus you are rewarded for will go directly back into the owners pockets bc in the end we will send it on another person’s system of ownership. 

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