1) The means of production refers to the resources, infrastructure, and technology required to produce goods and services. For instance, in a manufacturing setting, the means of production could include factories, machinery, raw materials, and land. Labor, on the other hand, represents the human effort and work put into the production process. An example of labor could be the workers employed in the manufacturing plant operating machinery and assembling products.
2) Value, in the realm of social class, pertains to the worth or significance assigned to goods, services, or resources within a society. It is often determined by factors such as supply and demand, utility, scarcity, and social perceptions.
3) The “value” of something is derived from various factors including its utility, scarcity, demand, and the amount of labor required for its production. For instance, a rare piece of art may have high value due to its scarcity and cultural significance, while a basic commodity like water may have value due to its essential utility for survival. Labor and value are closely related as the value of goods and services often depends on the amount and type of labor invested in their production. The more labor-intensive a process is, the higher the value of the end product tends to be.
4) Labor refers to the physical or mental effort exerted by individuals in the production of goods and services. Labor power, however, refers to the capacity of individuals to perform labor, which includes their skills, abilities, and knowledge that can be utilized in the production process.
5) Surplus value is the additional value created by workers through their labor that exceeds the cost of their wages. In other words, it is the difference between what workers are paid (wages) and the value of the goods and services they produce. Understanding surplus value is crucial in the study of social classes as it highlights the exploitation of labor by capitalists who profit from the surplus value generated by workers. An example of surplus value could be a factory worker producing goods worth $100 per hour but receiving only $20 per hour in wages, resulting in a surplus value of $80 per hour for the capitalist employer.