Question

which is the prime requirement for production of goods and services

Answer 1

1) Land -

Land is the physical place where all the economic activity takes place. Land plays an important part in production because 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. 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 variety of inputs that are needed at different stages of production such as tools

Answer 2

the requirements for production of goods and services are:
- land
- labour
- physical capital and fourth requirement is
- human capital