1. The means of production and labor are two significant ideas in the video. The means of production include tools, equipment, technology, and resources required to produce goods or services. As an example, a sewing machine, a cloth, and a scissors are some of the means of production used in the production of clothes. Labor to me is the human initiative and expertise that is applied to run those tools and convert the raw materials into finished products. An example is a seamstress who uses a sewing machine and cloth to create clothes, which is a form of labor.
2. Value is not merely the price but socially necessary labor time which is needed to produce something in normal conditions. The value of something is determined by the level of human labor time and effort put into it. The training of a doctor is socially necessary labor time more than that of a cashier, and that is the reason why society values the profession more.
3. Labor and value are related because labor is the source of value. Raw materials alone are not of much value, but when labor is applied to them and converts them into completed goods, they gain value. Both the readings and the video emphasize that it is only labor that can add new value to capital, but not machines or materials.
4. How I understand labor and labor power is that the real work is labor, the hours you are working on creating something. Labor power refers to your aptitude or ability to work, which you sell to a worker. The ability should be sustained by food, shelter, and rest.
5. Surplus value is the additional value produced when workers exceed what is necessary to maintain them (salaries). It is the gap between the value that workers generate and their wages. This idea is significant as it describes the manner in which capitalists make a profit and the reason Marx considered capitalism to be exploitative. To illustrate, when you labor four hours to earn your wage, and work eight hours per day, the extra four hours of labor create surplus value to your employer and not to you.

