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 Microeconomics: production possibility frontier, market
 equilibria...
 Porter s Forces: bargaining 
 power with buyers...
 SCP: basic supply conditions...
 
production cost : 
 The price paid for all elements enabling production: inputs,
 infrastructure, machinery, workers, advertising, R and D, etc...

 Note
- distinguish controllable 
from uncontrollable costs
- some are tangible,
others intangible
- analytically, economic
cost /= accounting cost

Main categories of costs, 
in the short term:
- variable costs
- fixed costs
- marginal costs
- average variable cost
- average fixed cost
- average total cost

Economy of scale: increase 
in production volume ->
decrease in average cost
 
Economy of scope: increase 
inproduct diversity ->
decrease in average cost

Effect of Digitalization : 
Near-zero marginal cost for:
 1. search
 2. replication
 3. transportation
 4. monitoring
 5. control
Transition from single mass 
market to markets of 
individual customers

Opportunity costs : 
  The cost of foregoing an 
  alternative (the best one)
  
- deadline > target, but risk of over-fatigue as
 employees approach their limits
- deadline: ↘ procrastination, especially if the main
 task requires effort
 erformance P
- deadline: clarifies perceived efficiency of a task by an
 actor, i.e., more focus if task is considered efficient
- need for meaning: clear definition of the goal
 mitigates fatigue during a complex cognitive task