Entry, Exit, and the Role of Profit
Short run thinking about cost treats fixed costs as already paid and unrecoverable (that is "sunk"). Long run thinking about cost assumes that no fixed costs have been decided or paid.
99 per cent invisible: 99 per cent details, Ep. 04
It’s a stick with bristles poking out of it. It doesn’t even qualify as a simple machine, but the careful thought and design that went into the creation of the modern, angled bristle, fat handled toothbrush shows just how much brainpower goes into something that is designed to simply work well and not be noticed all that much (until it’s time to buy the next one).
The Indicator: Tears for Sears
Sears changed the way Americans buy consumer goods, its dominance of the retail landscape lasting for nearly a century. But the competencies needed to thrive in retail changed a few decades ago, and Sears failed to adapt — losing more and more ground to its rivals Walmart and Amazon.