- Means of production is the facility and resources required to produce goods. Labor is the manual work that goes into the production of goods by workers.
- According to Marx, value is based exclusively on the amount of work put in by the laborers. He thinks that sentimental value is ridiculous and he believes in a perfect society that the middle man between laborer and purchaser should be cut out, thus ensuring the money for the purchase goes directly to the laborer based exclusively on the value of said labor.
- Labor and Value are related because the value of a product (according to marx) should be based on the amount of labor that went into it.
- The core difference is that labour power is the capacity to perform work in a general sense, whereas labor is the physical act of work. Another way of looking at Labour power is that its what the worker sells to the employer in order to have value as a worker.
- Surplus value is another word for profit. Its the total amount of money made minus wages for labor. In marxist theory, surplus value should be minimized.
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