Elements of Fiction

I was able to summarize the definition of "craft" on page 139. To somewhat paraphrase: craft used as a noun "refers to the elements that constitute a story", and as a verb, it is "the process of making...a story out of those elements." To craft a work of fiction, is taking the elements of the craft - the ideas - and putting them into action.
Of course all of the elements of writing fiction are important, the terms which are important to me as a reader are plot, character, theme, and symbol.
Reading the definition for symbol: "an object...that transcends literal interpretation...something larger than the object...itself." With this definition, I immediately thought of the Lord of the Rings, and how the Ring of Power is the symbol for the story, and the bigger picture beyond the ring was the desire to do evil. Anyone who came in possession of the ring, whether their intentions were good or bad, wanted to have the ring for themselves. To me, the ring represented greed.
For theme, the conclusion I came up with for this was basically looking for the moral of the story. This I believe is important, and besides plot, is key to a good story. For me personally, if there's no moral to the story then it's not worth reading.
I was able to come up with a formula when it comes to critical reading:

As you read a story:
1. Mark up the story with questions, ideas, and comments.
2. Underline phrases and sentences you admire.
3. Ask yourself why.
And to quote the book with asking questions, "by formulating questions when you read, you can begin to grasp the techniques that make powerful expressions possible." (p. 146)