The document discusses the key concepts underlying the theory of semantics. It addresses how language produces meaning through the relationship between elements within language (sense, sentences) and the relationship between language and the external world (reference). Meaning arises from the processing of these "raw materials" of meaning, including the relationships between words, phrases, sentences and their denotation or reference in the real world. Natural entities themselves are meaningless, whereas language has the property of making sense and producing meaning through these conceptual relationships and processes.