About the races
Dwarves
These are the dwarves you know and love. They have access to steel, the strongest metal in the game (or is it?) and underground plants, but they require alcohol to get through the working day. Dwarves may occasionally be taken by strange moods and produce wondrous artifacts.
Elves
The elves are very different from the other races. They do not mine, cut down trees, or farm; instead they rely entirely on herbalism. Elves can grow wooden logs from seeds at the Craftsman's Workshop, and use these for anything they need to build or craft. Elves can keep just about any animals as pets; make sure to bring some interesting ones when you embark.
Humans
Humans are the race most similar to the dwarves, but they grow their plants above ground, and can't make steel. They are also not dependant on alcohol, and a few wells will be enough to keep them happy and productive.
Goblins
Goblins do not need to eat or drink, so no food industry is strictly necessary in a goblin pit. They know nothing about alloys, and can't produce anything but base metals. But they have access to evil animals, which include ferocious monsters such as trolls and beak dogs. Note that trolls need both food and drink, and eat only meat.
Note. Because of certain bugs, some entity tags don't work the way they're supposed to. Humans can plant underground crops for example, while dwarves can plant above ground crops. Elves can farm, mine and horrifyingly enough, chop trees; but fortunately they still get unhappy thoughts when felling a tree.