1. In the video, I learned that “means of production” refers to the resources that are used to provide a service. For instance, the man in the video used his camera, microphone, and editing software to create his videos. The video also explained that labor is what increases the value of a product. To illustrate this point, the man used the example of a block of wood. If you buy a block of wood and do nothing with it, its value will remain the same. However, if you put in the labor to carve it into a chair, the value will increase, making the product more valuable than it was when you bought it. Essentially, the more time it takes to produce something, the more valuable it becomes in normal circumstances.
  2. When determining the value,  it is measured by the amount of labor that is typically put into it in normal circumstances. Value is essentially a product that increases in price when sold.
  3. Labor and value have a strong connection, as labor is what creates value. The video explains that the more time invested in producing a product, the greater the value becomes. Therefore, labor and value usually go together.
  4. The way I would differentiate labor and labor power is; from what I understand labor is the time that is put into a product to gain value while labor power is an investment. 
  5. “Surplus value” refers to the profit that is generated by the labor of employees. While the employees put in the effort, it is the employer or the company that earns the profits. This means that the worker earns less than the person in charge of the company. This is an important concept to understand because it highlights the inequalities that exist in society and how some valuable individuals may not receive fair compensation. Essentially, people are trading their time and effort for money. For instance, if someone works at a real estate firm and handles every aspect of a deal, the owner of the firm may still make a 50% profit without contributing anything to the process.

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