Means of Production & Labor
The means of production are the tools, machines, factories, and materials needed to make things. For example, a bakery’s ovens and ingredients are part of the means of production. Labor is the work people do to produce goods or services. A baker mixing dough and baking bread is an example of labor.

What is Value?
Value is how much something is worth. According to the video, value comes from the labor put into making something. The more work and time it takes, the more valuable it is.

Labor and Value Connection
Labor creates value. Without labor, raw materials wouldn’t become useful products. The more labor it takes, the more valuable a product usually becomes.

Labor vs. Labor Power
Labor is the actual work done, like making a chair. Labor power is the ability to work, which workers sell to employers in exchange for wages.

Surplus Value
Surplus value is the extra money businesses make after paying workers. It’s important because it shows how workers create profit but don’t get the full value of what they produce. For example, if a worker makes shoes worth $100 but only gets paid $20, the rest is surplus value for the company.