PRODUCTION POSSIBILITIES: The alternative combinations of goods produced if the economy fully uses all available resources. Production possibilities of an economy are limited because resources used to produce goods and services are limited. The basic presentation of production possibilities often takes the form of a production possibilities schedule, which is a table of numbers illustrating a discrete number of production bundles. A slightly more advanced presentation is through a production possibilities curve (or frontier), which is a graph of the alternative production bundles.

     See also | production | economy | resources | production possibilities curve | production possibilities frontier | production possibilities schedule |

PRODUCTION POSSIBILITIES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: February 1, 2023].

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Three sets of markets that make up the macroeconomy--product, financial, and resource--which exchange the three primary types of macroeconomic commodities--gross production, legal claims, and factor services. The four macroeconomic sectors--household, business, government, and foreign--interact through these three sets of markets. The primary objective of macroeconomic theories is to explain activity that takes place in these three sets of markets.

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