- The means of production are the tools, machines, buildings, and resources used to make products or services. For example, a factory and its machines are means of production. Labor is the physical work people do to produce something, like a worker assembling products in a factory..etc..
- Value is the worth of something based on the work and resources needed to produce it. In Marx’s theory, human labor is what gives products their value. Something can become valuable because it takes time, effort, and resources to make.
- Labor creates value because people use their time and effort to produce goods and services. The more necessary labor required to produce something, then the more value it can have. An example would be handmade table takes labor to produce, which contributes to its value.
- Labor is the actual work a person does. Labor power is a person’s ability or capacity to work. Like having the skills and ability to work as a cashier is labor power, while actually working a shift as a cashier is labor.
- Surplus value is the extra profit workers create beyond what they are paid in wages. If a worker produces $200 worth of products in a day but receives $100 in wages, the difference can be a surplus value. It is important because Marx uses this idea to explain the economic relationship between workers and the owners of businesses.
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