In Reading 4.3, the difference between owners and employees is frequently based on their responsibilities and objectives within a company. Owners usually have vested financial interests and authority in making decisions to maximize profits. Conversely, employees are hired to perform tasks for a wage and prioritize job security and working conditions. For instance, an owner may hold the CEO position in a firm, whereas an employee could be a customer service representative.
The quote by Adam Smith on page 28 highlights the significance of labor in generating wealth and promoting economic advancement. Smith believes that labor plays a pivotal role in production, and dividing it can result in improved efficiency and creativity. Essentially, the quote underscores the crucial role of labor in the economy. In Reading 4.4, the concept that class is not a fixed identity challenges the notion that class is the sole defining factor for individuals or groups. It proposes that class should be viewed more as a reflection of economic relationships and situations rather than personal identity. This viewpoint encourages a more flexible understanding of social dynamics, where the class can change depending on circumstances.There for Class structures are based on a mutual dependency between different classes, where the needs and roles of one class affect another. For instance, low-wage workers rely on jobs, while owners depend on their labor for profits. This shows how the success of one group is connected to the other, emphasizing the interdependence of economic systems.