1-Means of production refers to the tools needed to make a product. Such as machinery and equipment in the process. An example of this can be an oven for a bakery. The equipment needed to bake cakes and other pastries for the business. Labor refers to the human effort and time placed into making a product. An example would be stirring batter in a bowl to make a cake. Then placing the pan of cake mix into an oven.

2-Value is the worth of something, usually in comparison to something else. The value of labor would logically make something more expensive if more effort was placed into it. That is not the case when talking about the video’s value. The value of the video could also mean quality of something because labor does not equate to value. Usually quality does, as something with better quality is considered more valuable. The 5.1 video breaks down value and how not all labor intensive products are seen as more or of higher value. Think about how much labor goes into farming for example and yet they pay workers so little for their labor.

3-Labor and value are connected by how products are seen to be of more or higher profit with done labor. Labor focuses on human effort placed into production. Value focuses on how much it costs or how much more worth it is in comparison to something else. They relate depending on what is being made or produced, how much effort are people putting into making it and does it cost more to make? Usually value relates to the pay off of the product made and compares it to the production of the item. There is little to no point in making something with little value if the labor is too high and the pay off is even less valuable than the cost to produce it.

4-Labor refers to the effort place into making or working towards something. Labor power refers to the potential amount of labor that will be needed in order to make a product. The way I understand this is through context clues. Usually power in this case could be the man power needed to produce something.

5-Surplus value refers to a difference between value of a product and the cost of producing it. The importance of knowing the cost difference is if you’re getting what you paid for. In the working class, you want to know if the money you put labor into making is really paying off. This includes wanting good products to consume. In the eyes of capitalists, the money you put into producing items must be less than the value of your products. That said, capitalists tend to mark up the value of their products to lower the difference of surplus value. An example would be electronics, cheaper parts to make an expensive product. The difference in surplus value would be less than making a higher quality product with less pay off.