The “means of production” are the things needed to make products, like factories, machines, and raw materials. For example, a factory and its equipment are part of the means of production. “Labor” is the work done by people to create goods and services. For instance, workers putting together products in a factory are doing labor.

“Value” is the worth or price of a product. Something becomes valuable when people need it or want it. For example, a smartphone is valuable because people use it and are willing to pay for it.

Labor and value are connected because labor creates value. The work that people put into making a product makes it worth something. If a lot of work goes into a product, it often becomes more valuable.

The difference between “labor” and “labor power” is that labor is the actual work done, while labor power is the worker’s ability or potential to work. Labor power is what workers “sell” to their bosses, who then use it to create goods.

“Surplus value” is the extra value made by workers that goes beyond what they are paid. It’s the difference between what workers create and what they are paid. This is important for understanding social class because it shows how business owners get richer while workers only get wages. For example, if a worker makes $100 worth of goods but is paid $50, the extra $50 is surplus value kept by the owner. This surplus value is what builds wealth for owners, which highlights the difference between classes.