1. Reading 4.3 explains that the main difference between owners and employees is how they make their money. Owners can make money from businesses, property, or investments they own. Employees depend mostly on wages or salaries from working. For example, a restaurant owner can make money from owning the business, while a cashier or server gets paid for the work they do.

2. I understand Adam Smith’s quote as saying that labor is what gives value to things. For example, a tree by itself is not furniture. Workers have to cut the wood, make the furniture, transport it, and sell it. All of that work helps create the final value of the product. This shows me how important labor is in the economy. 

3. I think the argument that class is not just an identity makes sense. Reading 4.4 explains that class is also about a person’s position in society and how they make a living. A worker has to sell their labor to make money, while a capitalist owns property or businesses that can produce income. Two workers can have different incomes or education but still be workers because they both depend on working to make a living. 

4. I understand “class structures are built around a close form of dependency” to mean that workers and capitalists depend on each other. Workers depend on employers for jobs and income, but employers also depend on workers to do the work that allows the business to make money. For example, a restaurant employee needs their job to receive a paycheck, but the owner also needs employees to cook, serve customers, and keep the restaurant working. This shows that both groups depend on each other, even though they have different interests