Question

explain the basic requirement of production of goods and services

Answer 1

The four requirements of production of goods and services are land, labor, physical capital and human capital.
1) Land -
The land is the physical place where all the economic activity takes place. Land plays an important part in production because the land itself and the resources on it are usually limited. 
2) Labor -
It seems obvious, but things cannot be produced unless someone makes them. So, labor is another important requirement of production of goods and services. Labor represents all the people that are available to transform resources into goods or services that can be purchased. The land is the physical and mental efforts of human beings used for the production of goods and services.
3) Physical Capital - 
Physical capital refers to a variety of inputs that are needed at different stages of production such as tools, machinery, finances, raw material etc. 
4) Human Capital -
Human capital is the fourth requirement of production of goods and services. Human capital is the knowledge and effort that is put into arranging for the other requirements like land, labor and physical capital to start the production of goods and services.

Answer 2

Land : Land refers to the resources in the form of water, air etc. It is the fixed factor of production

Labour : Labour refers to the activities that are performed by workers

Capital : the tools, machines and finances used during the production are capital

Enterprise : Enterprise refers to expertise and knowledge