Share This Article:

Economic Definition of production possibilities schedule. Defined.

Offline Version: PDF

Term production possibilities schedule Definition: 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)

 

« production possibilities frontier | production stages »

Permalink: https://glossary.econguru.com/economic-term/production+possibilities+schedule

Alphabetical Reference to Over 2,000 Economic Terms