Surplus value is the difference between product sales and production costs. Term "surplus value" coined by William Thompson in 1824. Marx developed and popularized the concept in his Capital volumes
Working class refers to employees compensated with wage or salary-based contracts. Common US definitions limit membership to blue-collar and pink-collar workers. Socialists define working class as all workers with only their labor. Working class occupations include unskilled laborers, artisans, outworkers, and factory workers
Value determined by socially necessary labor required to produce a commodity. Value includes both direct labor and indirect labor components. Value increases proportionally to average labor duration and intensity
Class position determined by role in production process and shared economic interests. Class is a group with intrinsic tendencies different from others in society. Production structure forms basis of class construction
Bourgeoisie emerged in Late Middle Ages as middle class between peasants and aristocracy. Term derived from Old French "borgeis" meaning "town dweller". Initially linked to liberalism and urban charters, not just rural peasants
Means of production refer to necessary assets for society's production. Includes classical factors (land, labour, capital) and infrastructure. Can be expanded to include distribution and exchange