Multiplication is fundamentally understood as a method of finding a fraction of a quantity, where the operation can be interpreted as "of." For instance, multiplying 4 by 1/3 yields 4/3, representing four-thirds of a whole. The discussion highlights that multiplication is commutative, meaning the order of factors does not affect the product, which leads to the equivalence of finding 1/3 of 4 and finding 4 thirds. The relationship between multiplication and division is emphasized, suggesting that dividing by a number is inherently linked to multiplying by its reciprocal. Ultimately, the conversation seeks to clarify the conceptual underpinnings of multiplication, particularly when dealing with fractions and physical quantities.