- 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 way I understand the means of production and labor is that means of production equal labor. Means of production is how much work you put into an organization that is privately owned. Labor connects to this because labor is what you sell to the owner of a privately owned organization. An example of labor can be the time you put in working as a cashier. While you are cashiering you make the money you take home but you still have to keep working until the end of your shift for the money the company keeps. In a successful business you will make 3 times what you are getting paid for that day, but only take home ⅓ of that part. The means of production would be who you are working for and how you sell your labor to them.
- 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 produce something under normal circumstances. What makes something valuable is the amount of time and dedication you spend making such things. “Pre-training” or education can give more value to something because it is also the labor you have put in to get something out of it.
- How are labor and value related? What’s the relationship/connection between the two?
Labor and value are related because you have to put labor into something to make it valuable. Labor and time itself can also be valuable depending on your expertise. An example I can think of is school or experience. The longer you spend in school or in the company the more value your work will have.
- 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.
The difference to me between labor and labor power is that labor can to me is any work you put in whether personal or for others. Labor can also mean schooling. Labor power has a more in-depth definition. For firsts it can only be found in people and it is renting out your time to labor for someone else. For labor power you need things like clothing, food and shelter which are the reasons you work but the rest of your work goes to who you’re working for.
- 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 labor you put in that only benefits your boss. This means that you make the products and only your boss receives the profit. Of course you get paid, but your work is way more valuable than what you are getting paid. Surplus value is important to know in our study of social classes because there is a trend within classes where some benefit from surplus value and others don’t. An example of surplus value can be the scenario I gave in my answer for question 1 about the cashier. She can bring home ⅓ or less if the money she receives in the cash register while
