1. What is the distinction that Reading 4.3 makes between owners and employees? Give an example of each. The distinction between owners and employees is based on the range of incomes within both classes. According to reading 4.3 owners are mainly rich families and individuals who compose the owning class and live mostly off investments that include stocks, bonds, rents, or property income. While employees live mostly off wages, salaries, and fees.
2. How do you understand the quote by Adam Smith on pg. 28? What is it saying about labor? Adam Smith states,” labor … is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price only.” I believe that he is trying to say that many times we put attention to the price without realizing that is just a number and is nothing compared to what it took to create the product. Labor is worth so much and it takes so much time to create something therefore it should be priced equivalent to the amount of work done. In other words, price is determined by its cost of production. He also gave us a very good example of paper and furniture and what it takes for that product to be made but sometimes it’s just seen as a tree/wood and nothing more while it took many steps to make that.

3.What are your thoughts on the main argument of Reading 4.4 that class is NOT an identity? I agree that class is NOT an identity. I believe that people shouldn’t use class to define who they are. This can lead to the people in high class treating the ones who are lower very bad or unfairly. This would make them feel more like they have so much power if class was actually a form of identity. 

4.How do you understand the argument Reading 4.4. makes when stating that “class structures are built around a close form of dependency”? What is this close form of dependency, and can you think of an example? I believe that the argument “class structures are built around a close form of dependency” is based on the worker class and the capital class we read about and how although they are both two different and independent groups they still need each other in order to be successful. For example, the capitalist would need the workers in order to be successful and get their products sold and labor done while the workers need the capitalist because that’s their form of living without any products to sell or work on there won’t be any money made for them. They both contain something at the end of the day that benefits them on their own.