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Analyze John Locke's and Adam Smith's perceptions of labor and property. Review the material on John Locke and Adam Smith where they discussed labor and property and construct your answer into the following 3 parts:

Part 1: This section must be at least 1 paragraph with a minimum of 100 words. America's entire economic system depends on the acceptance of the idea of private property. In the first section of your thread, describe John Locke's explanation for the justification of the idea of private property. How did it begin? Why is it beneficial? Cite specific points. 

Part 2: This section must be at least 1 paragraph with a minimum of 100 words. In this section, evaluate his argument. How convincing do you find his explanation? Explain your position. Make specific references to Locke's points. 

Part 3: This section must be at least 1 paragraph with a minimum of 100 words. In this last section, describe Adam Smith's contribution to this point. How does his argument relate to Locke's?

Your thread must demonstrate your understanding of the concepts developed by John Locke and Adam Smith and include references to specific portions of your textbook readings.