CMST 1A03 Lecture Notes - Lecture 17: Monopolistic Competition, Oligopoly, Economism

• School: McMaster University
• Department: Communication Studies
• Course: CMST 1A03
• Professor: Christine Quail

Document Summary

Examines the producion, distribuion, and consumpion of resources (i think that was on the past slide/lecture) Labour: requirements can be one person or hundreds; need for specialized skills: one of the biggest resources in media industries. Capital: investments with the expectaion of returns: returns can include revenue, power, inluence, and presige. Technology: encompasses the organizaion of producion processes: digitalizaion has allowed companies to downsize staf and oursource labour. Material resources: paper, plasic, chemicals, etc: links media economy to other industries; digitalizaion reducing need for material resources and barrier to entry. Market externaliies: economic costs and beneits that are not accounted for by the immediate transacion between buyer and seller: value of cultural works to society. Key processes in proit accum: concentraion, conglomeraion. Has muliple companies under one umbrella: diversiicaion. Helps make money in some markets/industries when others experience a downtown. *verical all in the chain of producion (value chain) Disney walt disney pictures (ilm producion), buena vista (ilm distribuion); disney.