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a) Identify which discussion question you are answering in your comment by placing the relevant number at the start of your answer. For example:
2. Crime has often been used as a form of social control by…
4. Michelle Alexander’s argument about segregation…
b) Respond to two other students’ comments.
Respond to the following questions in the “Comment” box below:
- 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.
- 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?
- How are labor and value related? What’s the relationship/connection between the two?
- 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.
- 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?
Hello Professor & Classmates
Question 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.
Answer: I asertained the concept of means of production and labor is the physical effort that’s put into production for goods and services. Examples of this include tools, capital, and machinery. While labor refers to a person and the effort they put into means of production. Example of this includes skills, knowledge, and activity this brings production to the process. Without labor there can be no means of production.
Question 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?
Answer:
In this concept my understanding on value is the total amount of labor required to produce goods and services. It is measured in time and the more labor something takes to produce the more valuable it becomes. What make something valuable depends on the supply and demand of a product. It is valuable based on the amount of money consumers and willing to pay for the product.
Question 3:
How are labor and value related? What’s the relationship/connection between the two?
Answer:
Labor and value are closely related you can not acquire one without the other. In order to acquire the value of a product labour is required. Value is the object. It is human labour measures in the hour of labor that something needs to produce. Labor is the only thing that can increase the value of what you have. Labour is the source of value.
Question 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.
Answer: The difference between labor and labor power are labour is the time and effort put into creating something. Labour power on the other hand is the extraction of human labour in the exchange for money. Labour power is only found in people.
Question 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?
Answer:
Surplus value is the profits that capitalist make off their workers. Employers hire workers to work for them to generate money and the profit that they accumulate they keep it. It is imperative to recognize how the capitalist market operates and how human labor are exploitated, as well as keeping the capitalist wealthy. An example of surplus value is the annual profit the CEO of Amazon generates. This is the profit he accumulate after paying his employees.
Good evening Professor & Classmates
Question 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.
ANSWER: Means of Production: resources like facilities are were production of products or goods are produced.
A good example of Means of Products or in a short term M.O.P Factories and Mines because they became Social Means of Products ( S.M.O.P ). Another example that’s easy to remember is back in video. The man in the YouTube video made excellent points. he said his camera, microphone, tripod, lighting, blackboards and editing of the video are examples of M.O.P also those are the products he owns too. In order to use the products to post and edit the video of course you need the site of YouTube to make the video which is the significant part of production.
Labor: is the rising of the values for the products that are produced, purchased and owned.
A good example of labor is the block of wood that was mentioned in the video. Back in the video he said ” If you buy a block of wood and don’t do anything the value remains constant (the same). but when laboring it by carving it into a chair raises the value and you can try selling more than its actual worth.
Question 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?
Answer: What is Value? A products value is measure by how much labor it takes to produce under the circumstances.
What Makes Something Valuable? its mostly determined by the production of the product or *Products* that are being produced in the facilities or other resources and don’t forget about supply and demand that affects of how much or worth is the product as well.
Question 3:
How are labor and value related? What’s the relationship/connection between the two?
Value: measured by how much labor takes to be produce under the circumstances
Labor: measured by the time ( Hours and Minutes ) the amount of time it takes to produce the product the more valuable it is.
The chemistry between value and labor is both of them plays the same role. There role is putting time and effort in production of the products that would make great labor and value to the products and society as well. Looking at the connection between labor and value. Labor mostly plays the big role in the relationship because it is the key for increasing value on the production of products and the time and effort is by the workers themselves.
Question 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.
Answer: The difference between labor and labor power.
{Labor is an increase to the product that if produced. determined by the time and effort put in producing the products having a good increased value.}
{Labor Power is and extraction for workers. A search for peoples time and effort and working experience or training in for the exchange of money.}
Question 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?
Answer:
Surplus Value: produced value or profit by the labor power of workers and the wages that are paid. Surplus is significant because its run by capitalist owners who are in charge of the market and maintaining the wealthy. An example of Surplus Value is “Coffee has the extraordinary ability to generate surplus value. But not only in its production but in its own consumption”
Hello Renata,
I love your response and how well put together is.
Hey I love your statements, it was very clear and understandable. It gave me a good view of what this topic was about.
I enjoy how organized you are!
good answers ! so well put together for someone who would need a breakdown
Excellent and accurate responses, Renata, I have nothing to add of substance!
1.Means of production to my understanding are things nessacery to make a product.For example in order for me to do my homework I would need, the video given, pen, paper, and laptop- these things are means of production. Labor to my understanding is working hard to achieve a good outcome in a productive in order to change its value .An example of labor is- I have a piece of fabric, in order for me to make profit or add value to the product I would need to do some labor in a certain amount of time to increase the value and make more then what I spent on the fabric.
2.Value is how much something is worth according to how much labor was put into it. Labor gives “value” to value. The more work and and less Time you put into making the product the changes are its gonna have some type of value to it.
3.Labor and value are related because in order for something to become valuable your would need to put in labor .The value of something is compare to how much work your put into it.
4. Labor power is the abstraction of human labor into something that can be exchanged for money.Labor power is the only thing that when applied it increases the value of something. Labor means how much work put into giving something value.Mostly physical work.
5.Surplus value is profit made out off you to your boss based of what wages you get paid. Surplus is important in our discussion on social class because surplus value helps the capitalist class accumulate more capital, meaning helping the capitalist class money rise.An example of surplus value is someone who makes clothes for a company makes a shirt with a given price of $50 but the worker is only getting paid 10 an hour and the shirt took only one hour and half to make.
Hello Morayma, good insight, I like how you used simple terms to explain your understanding of means of production.
Hello Morayma,
I support your responses.
Hello Morayma, I like your responses and agree with you when saying surplus helps the capitalists gain more capital. This is true because they don’t care about paying their workers fairly instead they want to gain as much possible so that they can continue competing with other capitalists.
Excellent point, especially on Q5: yes, surplus value is the source of profits for the owners of capital (the owners of a large private business, who becomes wealthy through such practices such as, the extraction of surplus labor from his/her workers.
On Q3, what do you mean: that the source of anything that is of value in our economy, is made by the process of a human being laboring on it (making it, producing it)?
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.
I understand the means of production and labor by the amount of work needed to create a product. For example in means of production I see it as the things I need to produce something like a cake , I would need eggs , milk, butter , flour, etc, etc. This is my example of production. In the means of labor I see it as building a house , in order to built a nice house you really need to put in labor in order for it to look nice and get someone to buy the house.
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?
Based on the ideas of the video value is how much something is worth depending on how much labor was needed in order to make that object. One good example could be a car, a car is expensive because it took a lot of labor to be produced. What makes something valuable is the labor behind it.
3.How are labor and value related? What’s the relationship/connection between the two?
Labor and value are related because they both go hand in hand. If I produce something that didn’t cost a lot of labor, then its value is going to decrease. If I produce something that does cost a lot of labor, then its value is going to increase drastically. The connection between the two is that labor and value are going to decrease when another decreases. The same is to say when one increases the other will increase as well.
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.
The way I understand the difference between labor and labor power is that labor is the is physically working like more hands on. While labor power is when you look for people’s time in exchange for money.
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 amount of money made of you, the portion that you made, an even greater amount of that money is what the boss keeps. It is important to know about surplus in our social classes because this helps us learn how these capitalists get richer. One example of surplus value is the owner of amazon generates majority of what his workers make. He makes probably triple in one hour of what his employees make.
Hi Gisselle, overall I like your analysis and I see we have a lot in common.
you have great examples in your responses!
Gisselle,
Great use of examples in Q1, with the cake and the ingredients to bake the cake, corresponding to the means of production!
On Q2, good, what makes an iPhone as expensive as it is, is mostly due to the expense of labor (Apple paying the designers and electrical engineers + programmers to actually design the product) that goes into make it. We could add: the value of an iPhone (measured by its price in dollars) is largely determined by the expenses that went into the labor making it.
On “labor power”, did you mean to say: that’s when you work for other people for money, i.e., when you sell your ability to labor in a particular way (say, when treating someone’s toothache, with you skills as a dentist)?
1. The means of production is a privately-owned system that generates labor into product’s and then sold for profit. This is capitalistic because the profit made goes to the private owners. An example of this is factories, they use workers to produce products with the intention to sell them for a profit gain. I understand the means of labor as energy being put into the product that increases the value price. An example of this is creating a furniture piece out of smaller materials such as a bedframe.
2. Value comes from the time being put into the product. The more time taken to create the product under normal circumstances will give the item a higher value. The same goes for a lower value, if a short amount of time is taken then the item has a lower value.
3. Labor and value are related because value comes from the labor that is being given. The connection is that when more labor from the worker is given to the product the value will increase.
4. I understand the difference because labor power is what comes before the labor given. Labor power will only come from people and not machines. Before you arrive at work you are preparing yourself, which is also taking labor, so you can have the energy to give labor at work.
5. Surplus value is the value that is given to the product that is overpriced for the labor being put in it. It’s important to know because owners will pay their worker less but will sell the product for a value that will leave them extra money in the end. This Is why the wealthy continue to gain money while the working and lower class remain the same. An example, of this is selling a cup that should be five dollars for ten and keeping the extra money being made as a surplus value. While workers are still underpaid.
hey girl! this was so easy to understand
Kyara,
Nice summary on Q1, yes, we’re basically studying the most important points about how our capitalist economy works – and the fact that most things are produced for a profit, plays a huge role in our society (i.e. that’s how the capitalist class gets their wealth, and the working class remains without wealth…).
On Q2, a small addition: it is not only “time” that goes into making a commodity (product) valuable, but also the “quality” of the work that went into it. So “value” has this characteristic of both, quantity and quality that make its value.
You could add a bit more clarification on what you mean in Q3…
Q4: this is a key point, that labor power will only come from people, and not from machines – why is that?
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.
In my understanding means of production is everything else that requires to produce goods and services. For example, factory equipment, technology, raw materials, tools, land etc. Labor is the amount of physical, mental and social effort used to produce goods. Labor is measure in time and the more time it takes to make it the more valuable the product is. For example, if I have two pounds of cotton, in order to increase the value of what I have, I would need labor put into it and make something out of it.
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?
Based on the video, value is the time and effort you put to work on something to increase the value. The more labor the more valuable it gets. Something valuable could be apiece of furniture made out of wood, because someone took the time and effort to do it.
3. How are labor and value related? What’s the relationship connection between the two?
Labor and value are related because it starts with putting the hard work into making something to make it more valuable.
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.
In my understanding labor is based on people’s hard work and dedication as suppose to labor power, it is something that can be exchange for money.
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 created by the unpaid labor of wage workers over and above the value of their labor power. An example of surplus value: all workers create more value at work then they receive in wages, the extra “surplus goes into the boss’s pocket as profit.
hello Bianka, I like your responses I like that you described labor power as something exchanged for money. This is true because as a worker you provide labor to survive and get paid
Bianka,
On Q1, great observation on the connection of time with labor. But also, let’s not forget about the social, quality aspect: to labor means to do work building/making something, so quality also becomes important in the labor process.
A bit vague on Q3 : what else could we say about the connection between labor and value?
Q4: what else about labor power? This is a key idea connected to what makes labor so important in a specific way (in terms of our study of how the capitalist and working classes interact with each other).
1) Means of production to me are the resources used for producing goods. Examples would be, tools or materials used to build or make something, machines, facilities or warehouses. Labor increases the value of what you have to produce goods and services. Example would be what the video explained “buying a block of wood and did nothing with it the value would remain the same but if you carve it into a chair the value increases.
2) Values is how much labor it takes to make something. The more labor something takes to produce the more value it has. Value of a good or service is determined by the amount of labor produced.
3) Labor and values are related because you can not benefit off one without the other. For something to be valued you need to put in the work and labor and the value depends on if you are actually putting in the work.
4) Labor is something we do to produce goods and services. Labor power is what a worker sells an employer. Labor power is what a worker sells an employer. Labor is more hand, labor power is exchange for money.
5) surplus value is the amount raised through a sale of product and the amount it cost to the owner of the product. Surplus is what capitalist make off employees. Example: CEO of mcdonalds making profit after paying all employees.
Key point, in connecting the value of a commodity to the labor that went into making it! This is a key point for another related reason: it should how the labor done by working people is absolutely key, because only by such labor can a valuable finished product be sold by Apple Corp., for example. So the irony of our class structure: the source of wealth is made by the people who are not wealthy in society – the working class…
Great point on Q3 showing the interconnected nature of labor and value!
There’s another detail about labor power: that’s the only thing that the worker has, a specific way to labor that can benefit the capitalists, who owns the business where the worker works. Thus, a Starbucks owner only cares about those skill in their workers, that directly had to do with their ability to produce all the stuff Starbucks sells, and nothing else.
1) The manner in which i like to explain production and labor is that without labor there is no production. As simple as it sounds, someone’s time will always have to be contributed to truly have any result in regards to producing an item. Examples of production are any man-made item or invention, and the example of labor is its workers. And so, within the first module 5 video, an important statement was made, and that was “time is money.” Personally I would agree because its evident workers pay the true price in order for the company to succeed. However, the workers do it to survive in this world
2) Based on the ideas presented in video 5.1, predictably what value accounts for is by the time that was contributed. The more labor provided is what will increase the value. However, another crucial factor to remember is amongst the concept of supply and demand. If there is no demand then there really will not be much value presented in the item, unless what is taken into account is the opinion the individual who made the item has on it. Thereafter, for the creator the value of it could be enormous no matter if others have no desire for it.
3) Personally, I acknowledge that labor and value are related within the mindset that there will always be an ounce of care or value towards the object made/performed. it is by the time or effort that was placed into it that makes it valuable. For me, time is valuable in itself. Therefore, in the aspect of labor, what leads me to believe it is so is because of the choice made to devote time to making it happen.
4) In my understanding of labor and labor power, I have come to the conclusion of its meaning as follows: labor power is found only in people; in a workplace it is an individual’s most effective time span that is then traded for money. For example, Labor power is found in the effort when an attempt is made to be more rapidly productive by some sort of hesitation placed, like that of a job. It can be looked at as the means of production needed to be completed by a certain time. So labor power is what was produced as a result of it, and that is how success is made for the company. However, typical labor is the outlook of performing daily tasks until the day is over but by requirement. So as you can see one is more impactful than the other. Although one’s labor power could have been achieved hours ago, it is by responsibility that forces an individual to continue their labor until the shift is over.
5) In my view, to define surplus value is the result of your hard work that rewards the company with more success than your own. It’s their profits for instance because there can be a surplus of it compared to what the worker gains. While the reward surpasses the effort it took for the employee to get to work, which is valuable as well, the remaining focus is that without labor there is no production. And so the main example of this could be seen as simply, the CEO of any company
Hey! great job explaining this all, you gave a thorough understanding of labor, values, surplus values, production. It gave me a better understanding of what these things are.
Well said, Jessica on Q1 – indeed, without labor done by people, nothing we need gets done!
On Q3, we could perhaps also add: what produces value in our lives (in terms of the goods and services we need), is the creation of labor, without it, nothing of value can be produced by humans, humans have to go to work, for something valuable to be produced in our everyday life.
Q4: yes, when we talk about labor power, it is always connected in this specific way, to money that a worker is paid to start to labor/work and make something that is valuable (in this case, valuable to whoever wants it or needs it, but at the same time, the product created by the labor of the worker, belongs to the owner of the company the worker works for – the capitalist. Thus, the paradox: the capitalist doesn’t create value, because he/she doesn’t have to work to make the product, their workers create the value, but it is the capitalist who gets to be wealthy in this process.
1. After viewing the video the way that I understand the means of production and labor is that the means of production are the non-human inputs used to produce value. Examples include machinery, tools, and natural resources. Labor is the amount of time a person physically works to produce goods. An example of Labor is a chef working in a restaurant to cook meals for the guest by a certain time.
2. Value is measured by how much labor it takes to produce something under normal circumstances
3. Labor and Value are related because labor is measured by the time it takes to make something . The more labor it takes the more value it has. Also, that’s the reason why most automated products are cheaper than hand made products.
4. The difference between Labor and Labor power is that Labor power is found only in people and we have to give out our power to employers in order to produce labor but, as said in the video our labor power doesn’t grow on trees it takes food, clothing, and shelter to sustain. Labor is the amount a physical work done to produce goods.
5. Surplus Value is the means of production that the labor makes that goes to his/her company .
Ok, this is a good start, but make sure you understand your answers in detail: for example, Q5 should be reviewed: what exactly is surplus value? Try giving an example to clarify your point.
1. Means of production to me means how you produce something yourself. The way you set things up for your benefit. Labor to me means how you work with what you have or create to make it have value.
2. Value is the time taken away to produce something. In the video they mentioned “ time is money” To me this shows that the more Time you take out your day to produce something the more valuable it becomes . It becomes more valuable to you because you work hard to create it. The harder you work for something the more you value your accomplishment.
3. Labor and value are related because without putting in work into something it has no value.
4. The difference between labor and labor power is that labor is found only in people. It’s your ability to work with putting nutrients in your body that can make you have energy to work Such as eating healthy foods.
5. Surplus value is profits. What you make belongs to your boss or company. It is important because it helps us understand how capitalist gain more money.
Krisnelly,
Good on Q1, 2.
What do you mean specifically on Q3?
On Q4: ok on labor, so what is labor power, then?
1. I learned the idea of methods for creation and work is the physical exertion that is placed into creation for merchandise and ventures. Instances of this incorporate devices, capital, and hardware. While work alludes to an individual and the exertion they put into methods for creation. This incorporates abilities, information, and action that carries creation to the cycle. Without work there can be no methods for creation.
2.Value originates from the time being placed into the item. The additional time taken to make the item under ordinary conditions will give the thing a higher worth. The equivalent goes for a lower esteem, in the event that a short measure of time is taken, at that point the thing has a lower esteem.
3.Labor and value are connected on the grounds that it begins with placing the difficult work into making something to make it more important.
4.Work is something we do to deliver merchandise and ventures. Work power is the thing that a specialist sells a business. Work power is the thing that a specialist sells a business. Work is more hand, work influence is trade for cash.
5. Surplus worth is benefits. What you make has a place with your chief or organization. It is significant in light of the fact that it encourages us to see how industrialists acquire cash.
Great summary in Q1! Same for Q2-3
Excellent re-phrasing in Q4: it makes sense when you call “labor power” to be “work power”, because that’s what it is! And the point about the specialist selling their particular way of working (i.e. an engineer designing a computer circuit) is what differentiates “work power” from the general human ability to “work”: to creatively and skillfully modify their enviornment.
NOTE: Private response is visible only to instructors and to the post’s author.
1. In order to make a production you need the material/tools and labor. Labor is the work you put in, in-order to make the product have value. For example, clothing is split into production and labor. The piece of cloth/fabric is the material used for the product and the amount of time spent and skill is what makes it into a piece of clothing and the value of it.
2. Based on the video presented in 5.1, value is what makes something valuable according to the amount labor and time put into the product. More labor means more time which means its more valuable.
3. Labor and value are related because the more labor and time you put into a product the more valuable it is. Under normal circumstances.
4. Labor power is only found in people and it’s your ability to work which can be found in food, clothing, and shelter to maintain it.
5. Surplus is the profit of all your labor which is owned by the owner. When you work, it belongs to the boss which is how he sells and makes it a profit out of it. Surplus value affects social classes by categorizing the working class apart leaving us to work for the big guys.
Eunice,
Good points on Q1 and 2.
A bit more detail I think is needed on Q4, to clarify your point.
1-The means of production is everything you need to create something for example without factories to make supplies that we need, how would we be able to get them ? Factories are needed . Labour is who puts in the work to help with production or how i put in work to make the product more valuable for example taking a plain t shirt and turning it into something creative which people would buy now when i put more labour into it the value will go up because i would like to make money where my labour was worth i would like to earn more than what i spent on the shirt.
2-After watching the video value means how much something is worth and if something is worth a lot of money that means the amount of labour put into it was a high amount. The amount of physical effort put into a product will determine the value of the product . For example designers like louis vuitton and chanel and gucci they use real leather and thats apart of the value your also paying for quality which is why the value is always high .
3-Labour and value are related because in order to make something more valuable you would have to spend more labor doing so such as putting more time and effort into a product will raise the value. The value will always depend on how much work you put into something.
4-Labour is the time you put into something. Labour is physical work . As he said in the video if something takes less time to do then the value decreases but if it takes more time then the value increases. Labour power is when you take people times in exchange for money.
5-My understanding of surplus value is your hard work put into a business . The portion that you made the owner will keep for example working in retail your job may be to get customers to buy items and you convince them so basically that would be your money but instead the owners of the company keep it because its theirs but you made the money . This is very important to be learning about because this helps us understand how business works and all they care about is their profit from us just as we said in the 1st part the capitalist depends on us to sell their merchandise or whatever it is to keep their business running.
Nice, detailed summary of Q1 and 2!
And yes, on Q3, the more time and skill you spend on something, the more valuable it becomes: a Ferrari costs more (is considered more valuable than a Honda) precisely for that reason!
Q5: yes! The source of the boss’ wealth is the value that your labor power produces when you work at their store. The more value you create, the more wealthy the boss potentially becomes – but not necessarily you!!
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.
Based on my understanding, means of production refer to raw materials or means of labor, which can be used in the process of production. An example is a camera that is used in making a video, the equipment used in editing, and YouTube, where a video is uploaded (Philosophy Tube 0:32). On the other hand, labor is the effort by a worker to produce goods and services. For instance, a video requires a cameraman to shoot as well as an editor who understands how to work with editing software.
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?
Value can be described as the measurement of labor utilized in the production of a commodity. A labor-intensive product is theoretically supposed to have more value.
3.How are labor and value related? What’s the relationship/connection between the two?
The relationship between labor and value comes from the logic that the more labor utilized in producing a product, the more valuable it becomes and vice versa.
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 can be described as the ability of a worker to produce a product or service. Labor is the exercise of the labor power during production
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?
A surplus value is a representation of unpaid labor. However, a capitalist is bound to increase its growth. The number of hours needed is quite invariable at a given time since it is a representation of the average value of the means of subsistence that is required to maintain labor power (Jalee 28). However, if a capitalist successfully increases working hours without increasing the wages, the hours of producing surplus labor will have been increased, thus increasing surplus value.
1. Means of production and labor are the necessary tools required alongside labor to put the work in and create the desired end product. A painter for example cannot produce his own color and paint the walls by his hand, rather he acquires paint, a paintbrush, and a paint spray to achieve the final end product.
2. The amount of labour it takes to produce a product under normal circumstances is what gives a product it’s value.
3. For example hand made tailored suits have much more value than regular factory made suits because it requires more labour. In simple words, the value of a product is directly proportional to the amount of labour put into it.
4. Labour power is the capacity to work often measured by time whereas labour is the physical act itself. When I am working in a store, I am exchanging my labour power for money, not labour itself.
5. Surplus value would be the excess value that is produced after the labour is paid. It’s really important because this is the root cause where capitalism ends up being exploitive and often times extremely exploitive which clearly explains why the top 1% of this country owns 90% of the nations wealth. An example could be a lady works in a Nike factory in Vietnam and makes a jacket. The machinery and means of production and labour are being given by Nike. According to a claim, Nike workers in Vietnam are paid 20 cents an hour.(https://www.snopes.com/fact-check/nike-workers-pay-kaepernick/)
10 hours a day is $2 a day whereas that jacket could be made in 2 hours or way less. But how much is that jacket priced for ? About $100 and Nike takes all the profit known as the surplus value.