1) Owners are people who own businesses or companies and make money from other people’s work. Employees work for the owners and get paid wages. For example, a restaurant owner is an owner, while a waiter working there is an employee.
2) I think Adam Smith is saying that labor is what gives things their value. People have to work to make products and provide services, which helps create wealth.
3) I agree because class is more about your position in the economy than who you are as a person. Your job, income, and whether you own a business can affect your class.
4) It means workers depend on owners for jobs, while owners depend on workers to do the work that makes them money. For example, a store owner needs employees to run the store, and the employees need the job to earn money.
Hi Jamison, great points! To add to your response, class comes down to economic position and capital ownership—a restaurant owner extracts value from labor, while a waiter sells their labor for wages. So well said .As Adam Smith notes, labor is the true source of value, meaning without labor, assets like buildings or equipment have no actual worth and cannot function. I understand that as without our work big companies would not be able to function.