Production

Production ordinarily means the creation of physical goods i.e. goods that can be seen and handled. Such goods include tables, chairs, radios, etc. 

In economics, however, production is defined as the creation of goods and services for the satisfaction of human wants. Goods created include radios, tables, fridges, carpets, etc. Services are rendered by teachers, lawyers, doctors, barbers, etc. In other words, production is defined as the creation of utilitythe state of being useful, profitable, or beneficial. More.

Production Possibility Curve (PPC)

The production possibility curve refers to a curve showing an alternative combination of commodities that can be produced when all available resources are fully employed with a given level of technology. It is also called the production possibility boundary or the transformation curve.

The Production Possibility curve (PPC), also known as the Production Possibility Boundary (PPB) is a curve that shows the alternative combination of goods that a country can produce if all its existing resources are fully utilized/ entirely used.