Final answer:
a. Land
Thom Nielssen's 500 acres of woodland represents the 'land' aspect of the factors of production, which encompasses natural resources used for creating goods and services.
Step-by-step explanation:
Thom Nielssen owns 500 acres of woodland. His forest is an example of the factor of production known as land, or natural resources. When considering the factors of production, land refers not only to the physical ground but also to the natural resources that come from it without the modification or creation by humans. These resources can be utilized for the production of goods and services, such as timber from Thom's woodland, which might be used in construction or manufacturing.
Land is distinct from the other factors of production such as labor (the human effort used in production), capital (the tools, equipment, or financial resources used in production), and entrepreneurship (the initiative to combine the other three factors and take risks to start and manage a business). Hence, Thom Nielssen's forest as a source of natural resources is a classic example of the 'land' component of the factors of production.