The Wolf
The metaphor of “the wolf” is a great way to express all the possible dangers that might turn up unexpectedly in your life. The wolf’s arrival is a metaphor for any kind of crisis when you find yourself in trouble and need other people to come help you.
The Lesson
The story teaches this moral as a kind of practical lesson, showing you the actual value of telling the truth: you should always tell the truth, because if you lie, then people will not believe you, even when you are telling the truth. This fable presents a kind of argument or demonstration that is intended to convince you of the value of telling the truth.
The Sheep
The character who has paid the highest price in the story. A bit of fun for the boy that turned out to be a matter of life or death for the sheep.