The way I understand it, the means of production are the things needed to make something. That could be tools, machines, buildings, equipment, or even technology. Labor is the actual work people do using those things. For example, in a restaurant the kitchen and ovens are part of the means of production, while the cooks and servers provide the labor.
From the video, value isn’t just whatever price something sells for. Value comes from the amount of labor it takes to produce something under normal conditions. A block of wood by itself isn’t worth as much as a table because labor was used to turn it into something useful.
Labor and value are connected because labor is what creates value. Without labor, materials just stay materials. Workers add value by using their time, skills, and effort to create products or services.
I think labor power is a little different from labor itself. Labor is the work being done, while labor power is your ability to do that work. When someone gets hired, they’re really selling their labor power for a certain amount of time each day.
Surplus value was one of the more intresting ideas to me. It’s the extra value a worker creates beyond what they get paid. If a worker creates $300 worth of value during a shift but only earns $150, the rest becomes profit for the company. Marx believed this is one of the main reasons there is always some tension between workers and owners, even when everyone seems to be getting along.
