Learning Contents:                                                              ·          Understanding   Production Possibility Curve ·          Assumptions of Production Possibility Curve ·          Production Possibility Schedule and Diagram       Production Possibility Curve As we have studied in previous topics that we cannot have everything that we want and must instead make choices, society as a whole cannot have everything it might want to have so; economists use a model called the production possibilities curve or frontier (PPC) to explain the resource constraints/ (limitations) society faces in deciding what to produce. In simple words, Production is an act of producing something. Possibility means chance, likelihood, or probability of something. Production possibility means different possibilities or combination of goods which can be produced. A PPC shows all the possible combinations of two goods, or two options available at one point in time. Definition of PP