1. the distinction between owners and employees is how they make their income. Owners tend to make money from investing in businesses, stocks and bonds or real estate. The way some owners make income is by relying on their employees to grow their income. For example a retail store will make an owner money by the way their store manager runs the owners company. Also how the employees drive sales and customer service. In order for the business to succeed the employees have to drive sales to bring the business income. Employees on the other hand make money by physically working and giving up their time to perform duties for the company. Employees work for a wage or salary for the job that they do. For example a teacher works a shift and gets paid biweekly for their time teaching children.
  2. I believe Adam Smith quote meant that the true value comes from how much time, effort and creativity you put into what you are selling or the service you are giving which represents the price. For example if you crochet sweaters the real price comes from the amount of time you took making it, the quality of the yarn you use and the dedication and creativity you put into it, this makes a material turn into something valuable.
  3. I believe the main argument of the reading 4.4 is that class shouldn’t be viewed as just an individual identity it should be viewed in a way where it doesn’t define you as an individual. This reading helps people realize that if you understand class in that way that you’ll understand how easily it influences social dynamics.
  4. To me “class structures are built around a close form of dependency” means that different classes depend on each other and impact each other. For example, in a retail store low wage workers are hired by employers in order for them to receive a paycheck but in exchange the low wage workers need to run their business by having good customer service, selling products, hitting their daily goals and making sure everything is running smoothly in order for the employers to receive income. This example shows that they both need each other and depend on each other because without the low wage workers the employers cant run their business and without the employers the low wage workers wont be able to work and receive a paycheck.

Leave a Reply