Identify whether the following are factors of production or not. if “yes”, identify which factor of production they are (land, labor, capital,
entrepreneurship).
a. oil from canada
b. bottle of perfume
c. dump truck
d. knowledge to build web sites
e. coal
f. ability to build homes
g. contracting business to build homes
h. umbrella

The factors of production are the resources that a company or a person uses to produce goods and services. There are four types: land (natural resources for the productive process), labor (hours that people dedicated to the production), capital (durable goods used to manufacture other goods and services) and entrepreneurship

(set of knowledge and techniques that allow people to produce)

a. Oil from Canada: yes, land

b. Bottle of Perfume: no

c. Dump truck: yes, capital

d. Knowledge to build web sites: yes, entrepreneurship

e. Coal: yes, land

f. Ability to build homes: yes, entrepreneurship

g. Contracting business to build homes: yes, labor.

h. Umbrella: no.