1. The reading says owners are people who make money from what they own, like stocks, land, or companies. They don’t need to work to earn a living. Employees are people who have to work to get paid, like doing a job in a store, office, or factory.
Example of an owner: someone who owns a big company and makes money from it.
Example of an employee: someone who works at a grocery store or in a warehouse.
2. Adam Smith is saying that labor (work) is what makes things valuable. A tree is just a tree, but when people cut it, shape it, and turn it into furniture, it becomes something useful and valuable. So it’s not the money that matters most—it’s the work people do.
3. I think the reading is saying class is not just who you think you are or how you live. It’s more about your position in the system. If you own things that make money, you are in one class. If you have to work for someone else to survive, you’re in another class. So class is more about your relationship to work and money, not your personality or style.
4. The reading means that workers and owners depend on each other in a close way. Owners need workers to run their business and make profit. Workers need jobs to pay for food, rent, and other needs. But this relationship is not equal, because the owners usually have more power and make more money.
Example: A factory needs workers to build products, and the workers need the job to survive.