Joe Schmuckatelli owns and operates a widget manufacturing plant that sells its

plant (fixed input)
workers (variable input)
40 acres (fixed input)
contract with stores (likely fixed for a definite period of time)

Fixed: costs are the same no matter the output
Variable: costs vary based on the output

Hope this helps!

In terms of factors of production:

Land: The 40 acres that the plant occupies are considered land because they exist regardless of human activity.

Labor: The 52 workers who offer their skills and knowledge are considered human capital or labor.

Capital: The widgets that the plant produces are being sold to home improvement stores. Thus it is safe to assume that they are capital goods, or tools which are used in the creation of other goods or services.

Entrepreneurship: Joe, the one who ties it all together, risking his time and money to cut a profit from what he owns, is considered the entrepreneur.

There are 4 factors of production:

- Land
- Labor
- Capital
- Enterprise/the entrepreneur

So for land, you could say the 40 acres, labor would be the 52 workers, etc.