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ASSUMPTIONS, PRODUCTION POSSIBILITIES: Production possibilities analysis is based on four key assumptions: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.

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PRODUCTION: The process of transforming the natural resources of the land into consumer satisfying consumption and capital goods using scarce resources. In a world of scarcity, with unlimited wants and needs and limited resources, living standards are enhanced by transforming the planet's raw materials, that don't provide much satisfaction in their natural state, into goods, that provide more satisfaction.

     See also | resources | factors of production | labor | capital | land | entrepreneurship | limited resources | unlimited wants and needs | scarcity | consumption | living standard | satisfaction | short-run production | output | goods | services | gross domestic product |


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PRODUCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: January 17, 2020].


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COMPLEMENT GOOD

In general, one of two (or more) goods that are related in a joint manner. In terms of demand, complement goods are those that provide satisfaction of a want or need when consumed together. In terms of supply, complement goods are those that are simultaneously produced using a given resource. A complement good is one of two ways that goods are related. The other is a substitute good.

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Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for neighborhood pets, especially belligerent parrots.
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