PRODUCTION POSSIBILITIES SCHEDULE: A table of numbers that illustrates the production possibilities of an economy--the alternative combinations of two goods that an economy can produce with given resources and technology. A production possibilities schedule illustrates that the economy must give up the production of one good to produce of another good--the basic economic notion of opportunity cost. A production possibilities schedule is also used to derive the highly useful production possibilities curve (or frontier)

     See also | production possibilities | production possibilities curve | resources | technology | full employment | unemployment | opportunity cost | economic growth | law of increasing opportunity cost | scarcity | convex |

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A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

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