Definition: PS/2 is a standard type of connection used to connect keyboards, mice, and other input devices to a computer. Generally, it refers to the types of cables (PS/2 cable), ports (PS/2 port), and other connectors used with these types of keyboards and mice.
The PS/2 standard had been completely replaced by USB in consumer machines.
You might still see PS/2 ports on some server machines and other custom computer setups but it's not common.
Examples:
"My first computer only had PS/2 ports. The next computer I bought had both PS/2 and USB ports. The third computer I owned had only USB ports - no problem, because no one sold PS/2 keyboards or mice anymore!"

