Question

Classify each resource used in production as land, labor, capital, or entrepeneurs.
1. Aunt Sandy's Jammin' Jellies (the business)
2. Anika, a server at Sonic Drive-In
3. Your favorite bartender
A. Land
B. Labor
C. Capital
D. Entrepreneurs

Answer 1

Answer:

1. Aunt Sandy's Jammin' Jellies (the business) - Entrepreneurs

Entrepreneurship refers to the process of bringing together the various other factors of production to be able to produce goods and services. Aunt Sandy's as a business is an entrepreneur as it brought together factors of production to make Jellies.

2. Anika, a server at Sonic Drive-In - Labor

Labor refers to the actual people who contribute to the business. Anika is a server at the Drive- In and so works there contributing to the success of the business so she is Labor.

3. Your favorite bartender - Labor

Like Anika above, your favorite bartender is also a person contributing to the success of the bar so is considered labor.

Answer 2

Aunty Sandy's Jammin Jellies is an Entrepreneurs

• The entrepreneurship is the factor that brings the other factors of production (land, labor and capital)  together.

Anika, who is server at Sonic Drive-in is an example of Labor.

• The Labor is the factor that helps tp produce the goods and services.

The favorite bartender is an example of Labor

• The Labor is the factor that helps or contribues to the production of goods and services.

Read more about factor of production

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