- Means of production are the tools or products one would need to produce something. For example, an artists means of production include paint, brushes, canvases, easel etc. Labor is measured in time and increases the value of everything. Labour for a painter looks like the act of painting a portrait for example, if the portrait took 5 hours to create, the painter labored for 5 hours.
2. Value is how much labour it takes to make something. A products value is measured by how much labour it takes to produce under normal circumstances.
3. Labor and value go hand in hand. The more labor that was put into producing something, the more valuable that product will be. As labor increases so does value.
4. Labour power is the ability to labour, while labour is the act of production, Labour is measured in time.
5. Surplus value is the idea that the worker is performing labor beyond what is needed to cover their wages. For example, If someone works in a restaurant and they make $90 a day, and they prepare and sell $300 worth of food along with other duties, the company then pays them their $90 and is able to keep the rest as surplus value.
