1. The means of production typically refers to the physical, non-human inputs used in production. On the other hand, labor refers to the human work and effort put into production. Factory building, assembly line equipment, machinery, etc., used to manufacture a product are examples of means of production. An example of labor is the work done by employees operating the production assembly line.

2. According to Marx, labor is very important to increase the value of a product. Generally, a product is considered more valuable if the labor behind the production of the product is higher.

3. Labor and value have a positive correlation. A product’s value is measured based on the labor invested in producing that specific product. The product’s value is higher if the labor is higher, and vice versa. That is why handmade crafts are considered more valuable than machine-made products.

4. Labor typically refers to actual work performed, while labor power often refers to the capacity or potential to perform work. For example, when hired for a job, we sell our labor power, not necessarily a specific amount of completed labor.

5. Surplus value refers to the difference between the value created by a worker’s labor and the wages paid to that worker. It’s seen as a source of profit for capitalist economies. So, it is important to know about surplus value to understand more about capitalism or, according to Marx, the exploitative nature of capitalism.

Example: If a worker produces $100 worth of goods daily but is paid $50 in wages, the surplus value would be $50.