It's close but no cigar.
Workers are converted to the worker type when they touch the resource building (i.e. villagers become woodcutters, miners, farmers, hunters, etc.), and you have to send a worker to a different resource building, house, or Town Hall to convert them to another type of worker or villager, respectively.
Wood and food never run out, but stone and iron does. Gold is not mined and is instead gathered by sailors and merchants.
You can convert villagers into fighter units (Warriors, Axe Throwers, or Shieldbearers) and then convert fighters into workers or villagers again. You do not recoup the gold spent to create the fighters.
There aren't ages. Instead, there is fame, which gives clan-specific bonuses at 200 and 500. Happiness determines whether villagers come to your town, as well as the rate at which they appear.
There are events, such as: Kraken attacks on your ships, rats infesting food and infecting people, blizzards during the Winter, etc. Winter lasts 3 months and reduces food and wood production; Blizzards drastically reduce production. And you can pay food for feasts (+2 Happiness, +20% production).
Instead of a large, open map, each area is a tile, and each tile has a set amount of buildings (5 for the Town Hall area, and 2-4 for all other tiles). Each tile is purchased with food, Lore (rare), or gold (Raven Clan only).
Lore is another resource that you can gain with Loremasters on runestones, sailors on raids, and Menders (Boar Clan).
I may have left some questions unanswered. If so, ask, and I'll see if I have the answers you seek.
