1. The ability of a stock of inputs (capital) to produce output (measured as either effort or catch); 2. The maximum amount of fish over a period of time (year, season) that can be produced by a vessel or fleet of vessels if fully utilized, given the biomass and age structure of the fish stock and the present state of the technology. The "fishing fleet" is the stock of inputs (i.e. physical capital and human capital). The term "fully utilized" is used in a precautionary context in that it assumes that capacity utilization is 100 percent; 3. The quantity of fish that can be taken by a fishing unit, for example an individual, community, vessel, or fleet, assuming that there is no limitation on the yield from the stock, usually expressed in terms of some measure of vessel size, such as gross tonnage, hold capacity, horsepower. Reflects potential rather than nominal fishing effort.