1. To me, production and labor are the two factors that set a product’s value. Labor being the time or effort that it takes to produce some goods, and production, which is the whole process itself. Example: a person who works a 8 hour shift everyday in exchange for a payment. 

2. Value is what gives a product a final price. What gives “value” to value is the amount of labor that takes to make that product. As the video explained, the more labor is put into something’s production, the more valuable it is going to be the product. 

3. Labor and value are linked because labor is the amount of time that people’s works to get a product done. In that case the value of that product is going to be determined by how much work/labor it took to get it done. 

Labor and labor power are different because labor itself is just the process by which a person works. On the other hand, power labor is the ability that someone has  to put themselves to work.

4. Surplus value is the process  by which you have to work more than the hours that you need to do per day to complete your shift. Its like an extra value or an extra work that you have to do in order to complete your shift even thigh, you just need a few hours to complete the amount of money that you actually needed. Surplus value is important to our study because it helps us to determine how classes are developed according to this concept.