Factories and stuff. In capitalism, a rich person buys the equipment necessary to turn raw materials into useful products, pays workers a set wage to operate that equipment, and then pockets the difference between the cost of raw materials and employee wages, and the sales price of the product. In socialism, the equipment is collectively owned by the workers themselves, who share the difference between the price of raw materials and sales price.
What do they mean by means of production?
Factories and stuff. In capitalism, a rich person buys the equipment necessary to turn raw materials into useful products, pays workers a set wage to operate that equipment, and then pockets the difference between the cost of raw materials and employee wages, and the sales price of the product. In socialism, the equipment is collectively owned by the workers themselves, who share the difference between the price of raw materials and sales price.
Thanks.
It seems really unintuitive at first. Now that you explain it, I get it