Q1. The means of production refers to all resources and tools used in the production of goods and services. Labor refers to the work and skills that people provide in the production process.

For example, a restaurant’s means of production include kitchen equipment, utensils, ingredients, and the restaurant’s storefront and tables and chairs. These are the tools and resources that a restaurant uses to prepare and serve food. And restaurant employees. Their labor includes tasks such as cooking food, ordering and serving food to customers, and cleaning the restaurant. By providing these services, they ensure proper operation of the restaurant and customer satisfaction.

Q2. It is labor that gives goods their “value”. The value of a commodity depends on how much socially necessary labor is expended in its production. A good has value only if it contains human labor in its production and can be exchanged in the marketplace or satisfy a social need.

Q3. According to the labor theory of value, the value of a commodity is determined by the amount of labor required to produce it. Socially necessary labor time is central to measuring the value of a commodity. Labor and value are inseparable aspects of the economic system; labor is the source of value, while value is the reflection of labor in the marketplace.

Q4. Labor is the actual work or activity performed. It is a dynamic process that includes both physical and intellectual inputs from people. Labor capacity refers to a person’s potential or ability to perform labor. This includes an individual’s skills, knowledge, experience, health and physical strength, etc. It is a relatively static characteristic that reflects a person’s ability to perform labor effectively.

Q5. Surplus value is the excess of value created by workers in the production process over the wages they receive. In other words, surplus value is the difference between the value created by workers’ labor and the pay they receive. This portion of value is appropriated by the capitalist as profit. We can analyze the production of surplus value to gain a deeper understanding of how a capitalist economy works, the accumulation of profits, and market relations.

For example, an agricultural laborer works on an orchard where he is paid a daily wage of $150. In a single workday, the fruit he helps harvest can be sold on the market for $500 worth. The rest of the value is captured as profit by the owner of the orchard, and the worker receives only his fair share of the wages.