- From my understanding, means of production simply means the resources and tools used, that make it possible for goods and services to be created. For example, land tools and machinery such as equipment, machines, factories, etc., electricity and software items. In capitalism, the means of production are usually owned by private individuals and not workers and the products are sold in a market for profit. Labor refers to the human efforts used in the creation of goods and services. This includes both physical and mental work done by the people to produce something. For example, a farmer uses machines to plant rice giving his time and energy to get the work done. A teacher preparing and delivering lessons each day.
2. Value according to the video means the worth of a product that comes from human labor. The more time, skill and effort goes into producing something, the more value it has. Value is how much human work went into making the product. What gives value to make it valuable is labor, which is the source of all value, usefulness, that is, how much it he lps someone, desirability, how much someone wants it and rareness, how hard it is to get.
3. Labor is the work people do and value is how much something is worth. Labor is seen as the source of value. For example, a plain piece of wood has no value unless a carpenter carves it into furniture. That labor adds value for the furniture to be sold.
4. The work itself is the labor and the labor power is the ability to do the work. For example, labor is teaching a class of children, labor power is the energy, time, voice and skills used to teach the children.
5. Surplus value is the difference between a worker’s wage and the price of an item produced by that worker. In other words, it’s an extra value a worker gives through labor but is not paid for it. For example, a worker in a tailoring factory makes shirts value $ 1500 in one day but is only paid $ 120 per day. The extra $1380 is surplus value for the boss, created by the worker’s labor. It is important to know because this is how the rich get richer and it creates conflicts between the working class and the owning class.
