The means of production are the things used to make a product, like machines, tools, and buildings. Labor is the actual work people do. For example, a restaurant’s kitchen equipment is the means of production, while cooking the food is labor. Value is how much something is worth. The labor and time put into making something help give it value. Labor and value are connected because workers create value through their work. The amount of labor needed to make something can affect its value.

4. Labor is the actual work a person does, while labor power is their ability to do that work. For example, being able to work as a cook is labor power, while actually cooking is labor.

5. Surplus value is the extra value created by workers that they don’t receive as wages. For example, a worker may help a business make $800 in sales but only receive $150 in wages.